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FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...

Posted by Elliot Kravitz, ATP on 03/05/2021

Cincinnati OH Tax Pro for Tips Tax Preparer for Employee Tips FICA Medicare Employer Credit Cash
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What Are The Relief Procedures For Certain Former Citizens?

What Are The Relief Procedures For Certain Former Citizens?

An IRS relief procedure for certain former citizens was introduced in September 2019 to allow certain Americans to renounce their U.S. citizenship without paying taxes and fines.The...

Posted by Elliot Kravitz, ATP on 02/28/2021

Cincinnati OH Tax Pro for Former Citizens Tax Preparer for Former Citizens Relief Accidental American Citizen-Based Taxation FBARs
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How to Reduce Your Taxes with Miscellaneous Expenses

How to Reduce Your Taxes with Miscellaneous Expenses

It is a sad reality for many people that they will have to let go a particular percentage of their income to Uncle Sam. While there is nothing much we can do about that, the right...

Posted by Elliot Kravitz, ATP on 02/23/2021

Cincinnati OH Tax Pro for Miscellaneous Expenses Tax Preparer for Miscellaneous Expenses to Deduct Ponzi Scheme Uniform Income Property Home Job Hunting 2% Rule AGI
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Understand Your Filing Status

Understand Your Filing Status

The filing status of a taxpayer depends on individual circumstances. Are you married or single? Do you have dependents? Identifying the correct filing condition is essential, as it...

Posted by Elliot Kravitz, ATP on 02/17/2021

Cincinnati OH Tax Pro for Filing Status Tax Preparer for Understanding Filing Status Head of Household Married Filing Jointly Married Filing Separately Widow Widower Single Marital Status American Opportunity Income Tax Credit Education Credit
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An Insight into Individual Retirement Accounts

An Insight into Individual Retirement Accounts

Individual retirement accounts are saving plans that come with various restrictions. It stands out with the ability to allow taxpayers to defer tax payment on the proceeds and earnings...

Posted by Elliot Kravitz, ATP on 02/09/2021

Cincinnati OH Tax Pro for Individual Retirement Account Tax Preparer for IRA IRA Traditional RMD Roth IRA Simplified Employment Pension IRA SEP-IRA
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Moving Expenses: Are they Tax Deductible?

Moving Expenses: Are they Tax Deductible?

For people that relocated to start a new job, they can deduct moving expenses. This deduction is available for people in the military. Rules for Military Qualification Military...

Posted by Elliot Kravitz, ATP on 01/30/2021

Cincinnati OH Tax Pro for Moving Expenses Tax Preparer for Deductible Moving Expenses Military Taxpayers Work Commencement Distance Time
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Viatical Settlement Taxation

Viatical Settlement Taxation

If you or someone you love is thinking about a viatical settlement, you might be wondering if you have to pay taxes for your payout.Most people seem to believe that all income from...

Posted by Elliot Kravitz, ATP on 01/26/2021

Cincinnati OH Tax Pro for Viatical Settlement Tax Preparer for Viatical Taxation Federal Viatical Taxation Life Insurance Policy
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Unemployment Benefits: What will Each Person Get?

Unemployment Benefits: What will Each Person Get?

All employees that were fired through whatever means except their own fault qualify for unemployment insurance – a joint program between the federal and state government that...

Posted by Elliot Kravitz, ATP on 01/21/2021

Cincinnati OH Tax Pro for Unemployment Benefits Tax Preparer for Unemployment benefits CARES Coronavirus Economic Security
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What is IRS Form 1099Q: Payment of Qualified Education Programs (For Sections 529 and 530)

What is IRS Form 1099Q: Payment of Qualified Education Programs (For Sections 529 and 530)

Everyone that needs to pay for school fees using Coverdell ESA or 529 will likely get Form 1099-Q from the IRS. This reveals the entire withdrawal made in the year to cover your school...

Posted by Elliot Kravitz, ATP on 11/30/2020

Cincinnati OH Tax Pro for 1099-Q Tax Preparer for Qualified Education Programs Find a Tax Accountant for Sections 529 & 530 ESA 1099-Q 529 530
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