With school just a few weeks away, many parents are in the thick of back-to-school shopping. The thought of spending countless hours in the stores and comparing sale prices online to save on pencils, paper, book bags and school clothes can be daunting.

Fortunately, the State of Ohio has renewed legislation allowing for a second sales tax holiday, August 5 – 7, 2016.  This sales tax holiday only applies to certain types of goods purchased from 12:01 am August 5^th through 11:59 pm August 7^th. 

So you’ve finally had enough of the hype and are determined to score a pair of tickets to see “Hamilton” for Lin-Manuel Miranda’s final performance as the lead.  Tickets selling through ticket brokering sites are going for outrageous prices, and you’re a bit short on cash.  Should you embark on a personal revolution and loot your retirement accounts to go?

In a recent article, we addressed the exceptions to the early withdrawal penalty on IRA distributions taken prior to an individual reaching age 59 1/2.  In such a case, the IRA distribution would still be subject to federal income tax and, potentially, state income tax, and would result in permanently removing those assets from the IRA, having a negative impact on the availability of future retirement income. 

So, if you need a quick cash infusion and do not want to suffer the income tax ramification of an IRA distribution, what can you do?  One option would be to take a loan from your retirement account.  While an advisor may not typically recommend that an account owner borrow from their retirement account, a loan from one’s retirement can have both benefits and costs, as discussed below:

It's here. Your summer wedding, long in the planning and preparation phase, has finally arrived. You've spent many months knee-deep in details, from the "will you marry me" or "I will's" to selecting the first song you dance to as husband and wife. You've bickered and resolved the guest list, swallowing your pride to allow crazy Aunt Alice to the reception even though you would rather not, and begrudgingly penning "and guest" to your best friends invitation even though you think their choice is less-than-stellar.

In the end, there is one person who many couples usually forget to include when budgeting for a wedding and finalizing the guest list: Uncle Sam. 

Yes, there are tax issues that come along with getting married. Here are six basic tips courtesy of the IRS to help you on your road to wedded bliss:

Have you been notified by the IRS? You may want to think twice before responding to the call, email or letter.

The work of criminals knows no boundaries. Unfortunatley, this time of year brings another wave of antics to the forefront as the criminal will use various ploys to trick taxpayers into providing sensitive or personal identification information by posing as the IRS. 

Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but now the IRS is receiving new reports of scammers calling under the guise of verifying tax return information over the phone.

With summer vacation season almost upon us, people’s thoughts often turn to travel, and we thought it would be a good time to review the rules for deducting the costs of a business trip where you also take a vacation ("mixing business with pleasure").   These costs may be deductible, but are also subject to limitations.  We will discuss these limitations below.

In my youth, I was fascinated by all things weird and wonderful.  The natural wonders of the world, such as the Grand Canyon or Aurora Borealis, were impressive for their scale and beauty.  However, the man-made wonders were impressive not only for their scale and beauty but also for the fact that they sprung from the minds of men and made real through years of hard work.

I was in awe and fueled my interests through the joy of reading. I always held a love for books and looked forward to trips to the local library, so I could find an armful of books that I could read and fill my book log during the annual summer reading program.

Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. 

If you missed the tax filing deadline:

• File and pay soon. If you owe taxes, you should file and pay as soon as you can, which will stop the interest and penalties that you will owe. IRS Direct Pay is a free, secure and easy way to pay your balance due directly from your checking or savings account. We don’t charge a penalty for filing a late return if you are due a refund. The sooner you file, the sooner you’ll get your refund.
  
  
• Use IRS Free File. Nearly everyone can use IRS Free File to e-file their federal taxes for free. If your income was $62,000 or less, you can use free brand-name tax software. If you made more than $62,000, use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms and does some of the math for you. Fillable forms work best for those who are used to doing their own taxes. Either way, you have a free option on IRS.gov through the Oct. 17 extension period.  
  
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• IRS e-file is safe and quick. No matter who prepares your tax return, you can use IRS e-filethrough Oct. 17. E-file is the easiest, safest and most accurate way to file your taxes. The IRS will send you electronic confirmation when we receive your tax return, and we issue more than nine out of 10 refunds in less than 21 days.
  
  
• Pay as much as you can. If you owe but can’t pay in full, you should pay as much as you can when you file your tax return. IRS electronic payment options are the quickest and easiest way to pay your taxes. You should pay what you owe as soon as possible to minimize penalties and interest.
  
  
• Make monthly payments through an installment agreement. If you need more time to pay your taxes, you can apply for a direct debit installment agreement through the IRS Online Payment Agreement tool. You don’t need to write and mail a check each month with a direct debit plan. If you don’t use the online tool, you can still apply on Form 9465, Installment Agreement Request. You can get the form at IRS.gov/forms at any time.
  
  
• A refund may be waiting. If you are owed a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund if you had taxes withheld from your wages or you qualify for certain tax credits like the Earned Income Tax Credit. If you don’t file your return within three years, you could lose your right to the refund.  Source: IRS.gov April 18, 2016

Do you have a question about your income taxes or other financial concerns? We are ready to start the conversation. Contact us at info@zinnerco.com or call 216.831.0733 for a no-cost, no-obligation consultation. 

Don’t panic if you haven’t filed your income tax yet. There’s no time like the present to prepare and file your 2015 tax return. 

The Last Chance to Take Advantage of “File and Suspend” is Fast Approaching!