Columbus CPA

Who Qualifies for Property Tax Exemption in Ohio, and How Do I Apply If I’m Over 65?

Individual Taxes, Real Estate CPA, Real Estate Taxes, Tax Planning /

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?

Individual Taxes, Family Taxes, Real Estate Taxes /

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?

Tax Planning, Family Taxes, Individual Taxes /

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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Will I Get a Tax Refund If My Business Loses Money?

Business Taxes, Financial Services, Small Business Accounting, Tax Planning /

Will I Get a Tax Refund If My Business Loses Money? If your business didn’t turn a profit this year, you’re not alone—and you’re definitely not out of options. One of the first questions we get from small business owner CPA clients in this position is:“If my business loses money, can I still get a tax

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What’s the Difference Between Payroll Tax and Income Tax?

Accounting, Business Tax, Financial Services, Payroll, Tax Planning /

What’s the Difference Between Payroll Tax and Income Tax? If you’ve ever looked at your paycheck (or handled payroll as a business owner), you’ve probably seen deductions for both payroll tax and income tax. At first glance, they might seem like the same thing—but they’re actually two very different parts of the tax system. Understanding

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How New Real Estate Investors Can Avoid Costly Mistakes

Real Estate CPA, Real Estate Taxes, Tax Planning /

Real estate is an attractive path to financial freedom, but for beginners, the tax landscape can be tricky. Even minor missteps can turn profitable opportunities into costly ones, shrinking your returns and exposing you to unexpected liabilities. Here’s how to sidestep common tax mistakes new real estate investors often make, so you can make the

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