Heritage Income Tax

When The IRS Won't Allow You to Leave the Country Did you know that the IRS has the power to prevent a citizen from obtaining or renewing a passport when his tax debt is considered "seriously delinquent"? If you are concerned that your tax debt may prevent you from enjoying an exotic vacation or even walking your daughter down the aisle at her dest...

Worried about all the new IRS agents and the bigger budget?

IRS: 87,000 New Agents and "Beast Mode" The IRS, 87,000 New Agents and “Beast Mode” What does this mean for taxpayers who have resolution and representation needs? Aubrey Corcoran, EA Ever since President Biden signed the Inflation Reduction Act during the summer of 2022, there has been much talk about the $80 Billion dollars earmarke...

What is a "Back Door" Offer in Compromise? This article is for you if you have ever been told that you don't qualify for an Offer in Compromise. There is another strategy for you to use in your tax relief toolkit. Introduction If you are unable to pay your taxes when they are due, the IRS provides several options including paying your taxes....

Where to find Stimulus Payment amounts, Advance Child Tax Credit payments. With 2022 tax season approaching, it is time to begin gathering the tax information needed to complete your 2021 tax return. This will include two types of government payments you may have received during 2021, the $1400 per person stimulus payment (AKA the economic impact payment) and any advanced....

Are you using summer day camps for child care soon? Here are some tips for you to help you next winter during tax season. First, keep in mind that summer camps CAN be used toward the dependent care expense deduction - as long as both spouses work or attend school. If you are not working, and not a student, you may not take the deduction. Second, be sure to request the summer camp's EIN *today* - you will need the EIN to complete form 2441 (dependent care expenses) and many summer camps are shut down over winter, with no one to answer the phone. You will not need any statements from them, but a ledger of expenses and payments is certainly helpful for your tax preparer. Finally, you cannot use the tuition for overnight camps toward the expense deduction. Day camps only.
After reading this, have you considered that you may have qualified for dependent care expense deductions from 2018 or 2019, and didn't take them? We at Heritage Income Tax are able to assist you with filing an amendment and claiming that refund of taxes paid. Give us a call today (513) 900-9513.

The new tax filing deadline is May 17. What this means for prospective clients: We have more slots available. Give our office a call and see what we can do for you today. (513) 900-9513

Thinking about electing S-Corp status for your small business? Want to learn if it would really help you, or hurt you? Know what you're getting into before taking the big step. I've detailed ALL the facts, from payroll requirements, to new bookkeeping and tax preparation requirements in the blog article below.

Should your small business elect to be taxed as an S-Corporation? S-Corp election 2021, advantages of being an S-Corporation, disadvantages of being an s-corporation, payroll for S-corporations, bookkeeping for s-corporations, IRS penalties for S-corporations, reasonable salary for S-corporation employee shareholders

If you worked out of your home in 2021, are you allowed to take a home office deduction? New business owners should definitely know the rules!

How to (Legally) Take a 2021 Home Office Deduction Home Office Deduction 2021, how to deduct home office expenses, how to depreciate your home office, cell phone bill deduction, utility deduction, home based business deduction, IRS form 8829

Did someone claim unemployment benefits using your social security number? I explain how to remedy the situation in my latest blog article below!

What to do if someone received PUA (unemployment benefits) using your social security number. If you received a 1099-G in the mail recently, and weren't expecting one, chances are your social security number was stolen in order for a thief to claim unemployment benefits in your name. If you received a 1099-G and did not receive any unemployment benefits yourself, the IRS has published clear....

Did you receive survivor's benefits in Ohio? You shouldn't have paid state tax on it. Read more to see if you qualify for a refund on your state taxes.

Did you pay Ohio state tax on survivor's benefits? If you lost a spouse in the past few years, and that spouse was a government employee, you likely are receiving survivor's benefits as part of your income. If you live in and file Ohio state taxes, there is a tax break for those who receive survivor's benefits. In Ohio, this income is not taxable, b...

Potential tax savings for Ohio residents: Did your tax preparer get this deduction for you last year? Call us to book a consultation (513) 900-9513 or book online at https://heritageincometax.com/book-online

Ohio 529 Contribution Tax Savings and Strategies Ohio 529 tax deductions. Grandparents and parents tax deductions. College savings. Tax strategies for college savings accounts.