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Newspaper Articles

Newspaper Articles

College tax-savings opportunities

Paul Pahoresky

August 4, 2018

As we move into August the thoughts of students returning to the classroom comes to mind.

Summer is past the mid-point and folks are planning their return to school.

There are a number of tax benefits that are available which can assist taxpayers with their expenses for higher education. Although these certainly do not cover the increasing costs of higher education, they can...

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Big changes for the ‘kiddie tax’ in 2018

Paul Pahoresky

July 21, 2018

One of the many tax law changes with the recent Tax Cuts and Jobs Act that many of us did not initially catch is the significant changes in the so called “kiddie tax.”

This is a tax that applies to investment income of dependents up to age 18 and even up to 23.

For tax years between 2018...

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Tax benefits of being self-employed

Paul Pahoresky

July 6, 2018

As the tax laws continue to change and evolve the need to evaluate the best method to be compensated arises.

Although most people are compensated as W-2 wage employees of an organization and may not have an ability to change this, the recent tax law changes at the federal level as well as some previously enacted legislation at the State of Ohio level make it such that it may be much...

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Letter from the IRS? Don’t ignore it

June 23, 2018

It is very common that at some point during a taxpayer’s lifetime they will receive a notice of some sort from a taxing authority.

As the tax returns for an individual become more complex, the likelihood of some type of notice or communication from a taxing authority also increases. Common examples are an estimated tax bill from RITA, to a request for further information for...

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Learn a little about adoption tax credits

June 19, 2018

One of the more significant tax credits that is available for 2012 to most taxpayers is the adoption tax credit. Taxpayers can claim up to $12,650 for each child they have adopted. The credit is intended to offset some or all of the costs associated with the adoption of a qualified child. To be eligible for the adoption credit, the taxpayer must adopt an eligible child and pay qualified adoption expenses out of their own pocket.

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Gambling winnings are taxable

June 19, 2018

With the new casinos opening throughout the State of Ohio and the lines getting a little shorter here in Cleveland the casual visitor to the casinos now have many more options available to them. I felt it would be a good time to discuss the tax aspects of gambling winnings and other prizes.

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Tax deductions for moving expenses

June 19, 2018

You can deduct the reasonable expenses of moving your household goods and personal effects and of traveling from your old home to your new home on your IRS individual income tax return. Reasonable expenses can include the cost of lodging (but not meals) while traveling to your new home.

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Learn a little about noncash charitable contributions

June 19, 2017

One of the most overlooked and underutilized tax deductions is the deduction for noncash donations. These noncash donations occur when you donate clothing, household items and automobiles to charitable organizations such as Goodwill, Salvation Army and Purple Heart.

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Tax impact of where you live and work

June 19, 2017

As we are now in the home buying season in Northeast Ohio I want to bring to everyone's attention that the choice of where you live and where you work can have a significant impact on how much in taxes you pay.

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Marital filing status: Jointly or separately?

June 19, 2017

Since we are in the heart of wedding season, it is a good time to address the issue of marital status on your income tax returns.

There are a number of misconceptions in the general public concerning marital filing status. Your marital status as of the last day of the year determines if you are considered married or unmarried. If you are considered married at the end of the year, then you can choose to file as married filing jointly or as married filing separately.

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