Many business owners stress over gathering receipts, recalculating figures and some even lose sleep over filling out their tax yearly organizer. But did you know, there are five things your CPA really wants to see when you submit your information so that he or she can start to work on your taxes? Let’s take a look...
Forget the Cards, Candy and Flowers - What your CPA really wants to see in February
Zinner & Co. Taxes - Planning, Rules and ReturnsIf You've Ever Been Tardy on Your Taxes...
Zinner & Co. Tax Department Taxes - Planning, Rules and ReturnsYou or your business may qualify for First Time Penalty Abatement (FTA).
As you probably know, the Internal Revenue Service (IRS) can assess penalties to both individuals and businesses for not complying with the tax rules. For example,
10 Simple Things You Can Do Right Now to Reduce Your Taxes
Zinner & Co. Taxes - Planning, Rules and ReturnsFor many, the sting of holiday spending will present itself in the coming weeks by way of credit card bills and department store charges. Spending aside, the few remaining days of the year also present an opportunity to reduce your taxes, whether you are an individual taxpayer or a business owner.
Our tax team has compiled their top ten action steps to ease the burden and possibly lessen the blow of taxes owed come April 15.
Using Your Vehicle for Business? Mileage Rates Reduced for 2016
Zinner & Co. Taxes - Corporate & Business , Taxes - Planning, Rules and ReturnsThe end of year brings about changes, extenders and provisions in the world of individual and business taxation. One of the IRS changes announced for 2016 is the 3.5 cent reduction in standard mileage rates for business use of a vehicle.
New Legislation Includes Tax-Free IRA Distributions
Zinner & Co. Taxes - Planning, Rules and Returns , Retirement Planning & IRAsAs anticipated, Congress has written new legislation extending certain tax provisions. "Protecting Americans From Tax Hikes Act of 2015" is expected to be signed by President Obama within the next several days.
One important provision has permanently extended the rule which allows tax-free IRA distributions (up to $100,000) to charitable organizations, and will be retroactive to January 1, 2015. This rule allows owners of IRAs who are at least 70 1/2 years of age to direct up to $100,000 of their IRA distributions to charity.
The funds that are given to charity are counted toward the IRA owner's annual required minimum distribution, or RMD. Since these funds are going directly to charity, the distribution is not included in one's Adjusted Gross Income (A.G.I.), which helps in potentially reducing state income taxes, and may also allow certain other tax breaks to occur, due to a lower A.G.I. (i.e., medical expenses and miscellaneous itemized deductions).
Legislation affecting tax law can be confusing. The Zinner tax department is up-to-date with the latest provisions affecting individuals and businesses and is ready to help ensure your financial strategy remains favorable, If you have any questions or concerns about taxes or your IRA, please contact me at gsigman@zinnerco.com or 216-831-0733. I'm ready to start the conversation and help you guide your retirement plan.
We're Growing! Join our team as a Tax Supervisor
Zinner & Co. careers , Taxes - Planning, Rules and ReturnsDue to a number of recent promotions and to accommodate our growing workload, the firm is searching for an outstanding professional to join our tax staff as a Tax Supervisor.
Extension Periods for Various Tax Returns Revised
Barbara Theofilos, CPA, MBA Barbara Theofilos , Taxes - Corporate & Business , Taxes - Planning, Rules and ReturnsThe Highway Act changed the filing due dates of business income tax returns beginning for tax years after 12/31/15. Along with these changes the extension periods for other types of returns have also been updated. The following chart highlights these important revisions.
Less Money in Your Pocket? Learn How the Expired Federal Tax Provisions Could Affect You
DeAnna Alger, CPA Taxes - Planning, Rules and ReturnsAs we head into the last quarter of 2015, it's time to take a look at what is happening on the federal level that may impact the deductions and credits for you or your business.
Below is a list of some of the most significant tax provisions affecting individuals and businesses that expired on 12/31/14. It is quite possible that Congress will extend some, or all, of these through the end of 2015. However, as of the current date this has not yet been done. We may not know conclusively about the fate of these provisions until much later in the year.
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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
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