If you’ve taken the standard deduction for years, you’re not alone. But with recent tax law changes under the One Big Beautiful Bill Act (OBBBA), more people - especially higher-income taxpayers - are starting to ask: how do I know if I should itemize deductions? For many of Ken-Mar Tax’s clients, the answer is changing. And...Continue reading
If you’ve been using a vehicle for your business and you’re thinking about switching it to personal use, you’re probably wondering: can I change a vehicle from business use to personal? The short answer is yes - but the tax impact depends on how you’ve been using and deducting that vehicle. And if you don’t understand...Continue reading
Yes—there can be. And in the right situation, it can be a pretty meaningful one. Most people are familiar with the idea of putting their kids on payroll to save on taxes. That works well in some cases. But if your child is older, or your business isn’t set up the right way, that strategy...Continue reading
Starting in 2026, there’s a new opportunity for small business owners that a lot of people are going to overlook: a significantly expanded childcare tax credit for small business. On paper, it sounds straightforward. But once you start applying it to real-life situations—especially when you’re self-employed or working with your spouse—it gets a little more...Continue reading
Most people believe this: “Once it’s been three years, I’m in the clear.” And in many cases, that’s true. But not always. There are situations where the IRS audit time limit doesn’t expire—and your return can come back years (even decades) later. Let’s walk through one of the biggest reasons why. When the IRS Audit Time Limit Doesn’t...Continue reading
If you own rental property and you’re thinking about selling, there’s one strategy you should at least understand before you do anything: The 1031 exchange. Done right, it allows you to sell a property, reinvest the money into another property, and defer paying taxes—sometimes for years. Let’s walk through how it works, what the key 1031 exchange...Continue reading
If you're self-employed, you've probably asked yourself at some point: “Can I write off my work clothing?” It seems like a reasonable question—especially if you're buying clothes specifically for your job. But when it comes to taxes, this is one of those areas where the rules are stricter than most people expect. Let’s walk through what actually...Continue reading
Can I Deduct the Same Things for Multiple Self-Employed Businesses? If you’re self-employed and run more than one business, this is a very common question — and a smart one to ask. You might have a main business plus a side business. Or maybe you operate two different ventures under separate names. Naturally, you start...Continue reading
When business owners search for 2025 small business tax strategies, they’re usually not looking for gimmicks. They want to know what they can still do before year-end to legally reduce their tax bill and keep more cash in the business. Many of the most effective 2025 small business tax strategies are based on timing —...
Dog breeders often don’t realize how aggressively the IRS treats breeding activity. Under current tax law, dog breeding is frequently classified as a hobby, not a business — and that distinction can dramatically change your tax outcome. If the IRS considers your dog breeding a hobby, your income is still taxable, but most of your...Continue reading
When people think about 2025 tax strategies, they often imagine complicated loopholes or aggressive moves that don’t apply to real life. In reality, some of the most effective 2025 tax strategies come from everyday situations — getting married, getting divorced, having kids who help in the business, or supporting family members financially. As the year...
If you run your business as a corporation and you’re also an employee of that corporation, you may wonder whether you can claim a home office deduction. The answer is yes, but only if you handle it the right way. The IRS has strict rules about how corporate owners can deduct a home office, and...Continue reading
If you run your business as an S or C corporation and drive a vehicle titled in your personal name for company business, the way you handle reimbursements matters. Since the Tax Cuts and Jobs Act (TCJA) changed the rules for 2018 through 2025, there’s only one way to get the tax benefits you deserve...Continue reading
When tax season rolls around, many small business owners start Googling “small business tax preparation near me” and wonder whether they can handle it themselves. After all, accounting software and online filing tools promise to make it simple. But when it comes to business taxes, simple isn’t always smart. Doing your own business taxes might...Continue reading
When you search “small business accountant near me,” you’re probably hoping to find someone who can take tax season off your plate. But a good accountant does more than keep you compliant—the right one helps your business grow. At Ken-Mar Tax, we’ve seen too many small business owners wait until April to get help (or...Continue reading
The One Big Beautiful Bill Act (OBBBA) is shaking things up for charitable giving — and small business owners, realtors, and contractors need to pay attention. While there’s some good news, many of the new rules limit how much you can deduct. Let’s look at what’s changing and how you can make the most of...Continue reading
The One Big Beautiful Bill Act (OBBBA) has made headlines for locking in several parts of the 2017 Tax Cuts and Jobs Act (TCJA) — but thankfully, not the old $10,000 cap on state and local tax (SALT) deductions. If you live in a high-tax state or pay substantial property taxes, this change could make...
There’s a new sheriff in town, and he’s ready to do away with home energy improvement tax credits. If his plan succeeds, homeowners have only until December 31, 2025 to complete their upgrades and qualify for valuable federal credits. The clock is ticking — and understanding these rules could mean the difference between saving thousands...Continue reading
The One Big Beautiful Bill Act (OBBBA) made a big change for business owners: it permanently restored 100% bonus depreciation. This means companies can now fully deduct the cost of certain property in the year it’s purchased, instead of spreading the deduction out over decades. Along with this change, Section 179 expensing limits were increased,...Continue reading
When it comes to Ohio gambling winnings, the tax rules have always been strict. As we’ve explained in past articles about gambling tax laws, writing off losses, and reporting winnings, the IRS expects you to report every dollar you win. But under the One Big Beautiful Bill Act (OBBBA), things are about to get tougher...Continue reading