Most businesses should keep tax returns and the records that support them for at least three years from the date the return was filed, but several situations extend that window to six years, seven years, or indefinitely. Many CPAs recommend keeping returns and core financial records for seven years as a practical standard, since it […]
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No. Political contributions made by a business are not tax deductible, whether the money goes to a candidate, a political party, or a political action committee. The IRS also disallows deductions for most lobbying costs and for indirect political spending, such as tickets to a political fundraising dinner or an ad in a political convention
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At a minimum, your accountant will need your business financial statements, bank and credit card statements, payroll records, prior year tax returns, and documentation for any major purchases, income sources, or deductions from the year. The exact list varies depending on your business structure and how your books are maintained throughout the year, but having
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Small business CPA fees typically range from a few hundred dollars a year for basic tax preparation to several thousand dollars annually for full-service bookkeeping, tax planning, and business advisory work, depending on how much support your business needs. There is no single flat rate that applies to every business, since pricing depends heavily on
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Who Qualifies for Property Tax Exemption in Ohio, and How Do I Apply If I’m Over 65? Ohio homeowners age 65 and older may qualify for the state’s Homestead Exemption, which reduces the taxable value of a primary residence and lowers the annual property tax bill. Eligibility generally depends on age, home ownership, and in
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What Home Improvements Increase Property Taxes? Home improvements that add significant square footage or functional living space, like finished basements, room additions, garages, and major kitchen or bathroom remodels, are the most likely to increase your property taxes. Cosmetic updates like paint, flooring, or landscaping generally do not trigger a reassessment on their own, since
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Is Private School Tuition Tax Deductible? Private school tuition for kindergarten through 12th grade is not directly tax deductible on your federal return. There is no federal itemized deduction or above-the-line deduction specifically for K-12 tuition, regardless of income level. That said, there are still several tax-advantaged strategies, including 529 plans and, in some cases,
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Is Child Support Tax Deductible? Child support is not tax deductible for the parent who pays it, and it is not considered taxable income for the parent who receives it. This has been the case under federal tax law regardless of when the divorce or separation occurred, and it does not depend on the amount
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How does no tax on overtime work? The short answer is that eligible workers may be able to deduct certain overtime pay from their federal taxable income. That does not mean every overtime dollar is automatically tax-free, and it does not mean taxes disappear from an employee’s paycheck the moment they work extra hours. That
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“No tax on tips” sounds pretty straightforward at first. If you earn tips, it may sound like those tips are no longer taxable. Unfortunately, the actual rule is more specific than that. So, how does no tax on tips work? In general, it works as a federal income tax deduction for certain qualified tip income.
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