With so many retirement account options available, choosing the right plan can feel overwhelming — but the payoff is well worth the effort. The right retirement plan doesn’t just help you save more and reduce your tax burden; it also strengthens your ability to attract and retain great employees by investing in their financial futures.…

Determining whether a worker is an employee (paid via payroll) or an independent contractor (issued a 1099) can be difficult for many business owners. Because each tax agency applies its own criteria, classification rules can become confusing. The IRS checklist below outlines the factors used to distinguish between an employee and an independent contractor. If…

The month of December is a unique month for many of our clients. Retail and hospitality clients are in a crucial part of their year. Manufacturing, transportation and service industries tend to see a bit of a slowdown around the holiday season with facility shutdowns for holidays, vacations, etc. Those in the medical field tend to see an…

As we continue to head towards the end of the calendar year it’s important to understand what an RMD is and how it may affect you. What is an RMD? RMD’s or Required Minimum Distributions is the minimum amount that the IRS requires you to withdrawal from your retirement account at each age. When are…

Is Your Activity a Hobby or a Business? Understanding the Difference Determining whether an activity qualifies as a business or a hobby can be tricky — and it can have a big impact on tax treatment. The IRS looks closely at intent of profitability to decide which category fits best. Hobby vs. Business — what’s…

As we surge through the final quarter of the year, it’s important to know that your business checking account balance might not be telling the full story. With the holiday season approaching, many businesses face a combination of increased expenses, the decision of whether or not to take final distributions in December, holiday bonuses, and…

The IRS occasionally issues CP2000 notices—known as Automated Underreported Notices. These are sent when there’s a difference between the income, deductions, or credits reported on your tax return and the information the IRS has received from third parties, such as employers or financial institutions. The notice outlines a proposed adjustment and may indicate a change…

As the year begins to wind down, there’s less time available to develop and implement a tax strategy for 2025 before the window of opportunity closes. Initiating these discussions now can impact decisions that can reduce your 2025 tax liability and set you up for a strong start in 2026. Here are just some of…

Effective November 12, the Ohio Department of Taxation is launching significant changes to improve and modernize the way taxes are managed online. The state of Ohio has introduced a much more user-friendly and streamlined experience for taxpayers. Key Change: Online Payments Now Available for Pass-Through EntitiesIf your business is a Partnership or S-Corporation, you may…