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If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing or gig economy.

An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation accommodations and perform many other activities.

Also referred to as the on-demand, gig or access economy, the sharing economy allows individuals and groups to utilize technology advancements to arrange transactions to generate revenue from assets they possess - (such as cars and homes) - or services they provide - (such as household chores or technology services).

WASHINGTON — The Internal Revenue Service released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.

"As advertised, most taxpayers will see a reduction of their federal withholding as a result of the recently-passed Tax Cuts and Jobs Act (TCJA).  Keep in mind, though, that the full effect of the TCJA on individuals’ tax and financial situations will only begin to be known a year from now, when taxpayers begin to file their 2018 income tax returns," said Zinner Tax Partner Howard Kass, CPA, CGMA, AEP. 

Congress is enacting the most sweeping tax legislation in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there is still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way.

Here is a quick rundown of last-minute moves you should think about making.

In the quest for gifts and seasonal savings together with the promise of continued prosperity, many taxpayers overlook some of the simple year-end moves they can do that will help to reduce their taxes and improve the bottom line.   There are many action steps you can perform today in order to save taxes for the next tax period.  Below, find a shining display of our top five tips to save future tax dollars. 

Learn “5 Things Every Business Owner Should Do Before December 31” during WIRE-Net’sOctober workshop, Thursday, October 12 at Cuyahoga Community College’s Advanced Technology Training Center. The event is open to members and non-members. 
 
Partner Brett Neate will educate business owners and decision makers as they face the Q4 flurry of activity that is critical to accurately closing 2017 and properly preparing for 2018.

The idea is to make it easier for businesses to pay their municipal net profits taxes. 

Aug. 28, 2017  WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

From the Ohio Bureau of Workers' Compensation news desk
June 15, 2017

Ohio’s economy will get a big boost in July. That’s when the BWC will send $1 billion in rebates to eligible Ohio employers, the first part of The Third Billion Back plan that was announced in March.

While there are a myriad of ways to reduce Ohio income taxes that are well known and widely leveraged, some methods seem to go largely unnoticed.  One of those lesser-known and underutilized methods that every small business owner, or those interested in owning a small business, should be aware of is the InvestOhio program.

InvestOhio, launched by the State of Ohio several years ago, was created to encourage investment in Ohio-based eligible small businesses.  Qualifying applicants to this program will receive non-refundable Ohio personal income tax credits equal to 10% of their investment in an eligible small business.  Any unused credits can be carried forward up to seven years.

Dear Zinner & Co:

Q: We have a bunch of old un-cleared checks on our bank reconciliation. What should we do?
 -Ted E., Middle-market business owner, Solon, OH.

A: Laura Haines, CPA, Accounting and Tax Services Manager