dirty dozen

IRS Dirty Dozen List: Triggers IRS Scrutiny

For over 20 years, the IRS has issued an annual Dirty Dozen list identifying tax scams and avoidance schemes. This year’s list includes everything from employee retention credit claims to the use of fake charities. Before you invest your hard-earned money in these or other highly promoted tax schemes, you should check the IRS Dirty...Continue reading

Vehicle Tax Deductions for 2023

Last-Minute Purchases to Maximize 2023 Vehicle Tax Deductions

Looking to maximize your vehicle tax deductions for 2023 and wondering if there's still time? - Do you need a replacement business car, SUV, van, or pickup truck? - Do you need tax deductions this year? - Do you need a tax credit to offset what you owe to the IRS? 2023 Tax Credits /...

2023 Tax Strategies

Last-Minute: 2023 Tax Strategies for Marriage, Kids, and Family

It's not too late to consider 2023 tax strategies. Are you thinking of getting married or divorced? If so, consider December 31, 2023, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider...Continue reading

Filing Form 8275

When to File Form 8275 to Avoid Penalties

Form 8275 is filed to disclose all types of tax positions.  When you're considering taking an aggressive position on your tax return that could result in a substantial tax reduction, but you're worried about having to pay a penalty, talk with Ken-Mar Tax for a free consultation. As an Enrolled Agent, Ken Weinberg is up-to-date...Continue reading

Airbnb Rental Income and Self-Employment Tax

Do I Need to Pay Self-Employment Tax on Airbnb Rental Income?

In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited as precedent or authority by others, such as you or your tax professional. Even so, we always consider what the CCA says as semi-useful information, so here’s some...Continue reading

self-employed tax expert Cleveland

When Do I Have to Pay Self-Employment Taxes?

What Are Self-Employment Taxes? Do I Pay Them? Self-employment taxes are to individual business owners what payroll taxes are to employers and employees. They fund Social Security and Medicare.  All individuals with self-employment income must pay self-employment taxes, regardless of their age. When business owners reach retirement age, they’ll be able to collect Social Security...Continue reading

Landlords Tax Reduction Cleveland

Landlords and Business Owners: New Law Improves Energy Tax Benefits

Landlords and small business owners should know the newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental property.  As a Cleveland landlord, or small business owner, if you implement various types of renewable energy improvements, you can qualify for hefty tax credits or deductions.  One...Continue reading

home office deduction for pool table

Home-Office Deduction: What if I Have a Pool Table in the Office?

Home-Office Deduction Question: I heard that if I had an office in my home and in that home-office room I had a pool table, I could simply subtract the amount of square footage that the pool table takes up from the square footage of the office. I do have a pool table, and I actually...Continue reading

electrical vehicle tax deductions

New Business Tax Credits for Buying Electric Vehicles

The Inflation Reduction Act of 2022 amended the Clean Vehicle Credit, and added a new requirement for final assembly in North America that took effect on August 17, 2022.  Three major things to know about this new law when it relates to tax planning for your business and buying an electric vehicle: 1.The existing electric vehicle...

paying daughter as small business owner

Q&A: Should I Pay My Daughter by W-2 or 1099?

Question from a Cleveland small business owner: How do I pay my daughter? I will hire my 15-year-old daughter to work in my single-member LLC business, and I expect to pay her about $12,000 this year. Do I pay her through payroll checks and file a W-2? W-2 Payment is Important When Paying Your Daughter...Continue reading

work from home tax benefits Cleveland

Work From Home Tax Benefits in Cleveland Area

Do you live in the Cleveland area and work from home? If so, you should be aware of the many work from home tax benefits. Aside from potential home office deductions and other write-offs routinely claimed by the self-employed (see "Tax Reduction Strategies for the Self-Employed"), a huge benefit could depend on comparing the Municipal...Continue reading

Cleveland Tax Expert for Self Employed

2021 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

Our specialty at Ken-Mar Tax is to provide our tax preparation clients with tax strategies that will legally reduce their tax obligations. As an IRS enrolled agent, Ken Weinberg keeps up-to-date about all the IRS tax codes in order to use them to your advantage. Tax Strategies for Getting Married, Divorced, Staying Single, Adding Your...Continue reading

best tax guy in BNI

2021 Last-Minute Year-End General Business Income Tax Deductions

As tax-reduction strategy specialists for the self-employed, at Ken-Mar Tax we specialize in working with local, Cleveland area, small business owners, contractors and solopreneurs. We know, at this time of year, your goal is to either eliminate, or at least reduce, the taxes you’ll owe – or better yet, get the IRS to owe you!...Continue reading

1099-NEC or 1099-MISC

Beginning 2020 IRS Requires 1099-NEC Instead of 1099-MISC

What is Form 1099-NEC? Starting with the 2020 tax year, the IRS requires businesses to use the new Form 1099-NEC to report nonemployee compensation – not Form 1099-MISC, which was previously used. Filing Taxes With a 1099-NEC If you are self-employed and receiving any type of 1099 forms, you should be using a tax preparation...

Business Tax Deductions Expert Cleveland

Tax Cuts and Jobs Act (TCJA) Made Changes to Business Deductions

As our Ken-Mar Tax clients know, we pride ourselves on maximizing tax deductions for the self-employed – which is why so many of our customers are real estate agents, small business owners and W-2ed employees with “side-hustles” like ride-sharing with Uber or Lyft, selling hand-made crafts on etsy or re-selling on Facebook Marketplace, Poshmark or...Continue reading

Cleveland IRS Tax Attorney Enrolled Agent

IRS 5-Year Improvement Plan; Enrolled Agents or Cleveland Tax Attorneys?

Enrolled Agents of IRS Cleveland Given Details of 5-Year Plan Recently the enrolled agents of Ken-Mar Tax have been notified of the large-scale effort of the Internal Revenue Service (IRS) to increase their workforce and update their technology in order to help enforce the implementation of new tax laws. A recent article in the Government...Continue reading

Cleveland tax Preparation Coupon

Tax Services Cleveland: Tax Preparation Coupon

Has time gotten away from you? Have you not filed your income taxes for 2016? Maybe you were too busy in January and February enjoying some of the most unseasonably warm weather for our Cleveland area.  Or maybe you’re still waiting on some tax documents.  Whatever the reason, the tax filing deadline this year is...Continue reading

CLeveland Uber Driver Tax Specialist

Don’t Miss Tax Deductions for Uber, Lyft and other Ride Share Drivers

Have you recently started driving for Uber, Lyft or another ride-share company to pick up some extra cash?  Unless you’ve met with Ken Weinberg of Ken-Mar Tax, you’re probably missing out on even more money in tax deductions!  Being a tax reduction strategist for the self-employed, Ken specializes in helping people like you who get...Continue reading

tax deductible business espenses

Reduce Taxable Income with these Business Expenses to Claim on Your Taxes

At Ken-Mar Tax we specialize in tax reduction strategies for the self-employed because after decades of studying the tax code, working with the IRS and preparing tax returns for self-employed individuals we realize there are still many business expenses that get forgotten when filing taxes.  One thing we do to help our clients is equip...Continue reading

Cleveland area tax preparation firm wins Super Service Award

Ken-Mar Tax Earns Esteemed 2015 Angie’s List Super Service Award

Ken-Mar Tax is Proud to Announce Receipt of  the 2015 Angie’s List Super Service Award Award reflects company’s consistently high level of customer service Ken-Mar Tax has earned the service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of service provided to members of the local services marketplace and consumer review site in 2015....Continue reading

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