Recent tax law changes bring a mix of good and bad news for individuals who itemize deductions. Some popular deductions are gone for good, while others remain available with new limits. Understanding what changed—and what strategies still work—can help you stay ahead at tax time. The End of Miscellaneous Itemized Deductions Under previous tax law,...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) introduces a brand-new savings vehicle called Trump Accounts—tax-deferred investment accounts designed for children under 18. While some critics question their value, these accounts can be a smart long-term tool for families who plan strategically. Free Money for Newborns (Yes, Really) Under a pilot program, parents of U.S. citizens...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
Thanks to recent tax law changes, the benefits of employing your child in your business are better than ever. While the One Big Beautiful Bill Act (OBBBA) eliminated personal exemptions, it also locked in a higher standard deduction that can create powerful savings for families who own businesses. The Standard Deduction Advantage For 2025, a...Continue reading
If you’re like many business owners operating as a one-shareholder S corporation, chances are you’ve done so to take advantage of Social Security and Medicare tax savings. But there’s another benefit that often flies under the radar—one that can offer serious liability protection without adding tax headaches: the S Corp subsidiary, also known as a...Continue reading
Self-employment in Cleveland offers unmatched freedom and opportunity, but it also comes with unique tax responsibilities. Whether you’re a freelancer, independent contractor, or small business owner, understanding the top self-employed tax deductions is key to keeping more of your hard-earned income. As tax professionals serving Cleveland’s self-employed community, we know what local professionals can (and...Continue reading
Ah, the idea of a cruise—sun, sea, and the open water. But what if your next cruise could also reduce your tax bill? If you're a self-employed professional, contractor, or small business owner, it's not as far-fetched as it sounds. Let’s break down a real-life example of how a financial planner turned a cruise into...Continue reading
Turn Your Business Vehicle Into a Tax-Smart Asset If you’re self-employed or run your business through an S Corp or C Corp, and your business owns your vehicle, listen up—this strategy could save you money and keep the IRS happy. Business vs. Personal Use Matters Let’s say you drive your business-owned vehicle 80% for work...Continue reading
If you've fallen victim to a scam and lost money, you're probably wondering: Is scammed money tax deductible? The answer is complicated—and depends largely on why you fell for the scam. According to recent IRS guidance, your motive matters. If you were trying to make money (a profit motive), your scam-related losses may be deductible....Continue reading
If you’re a self-employed contractor, consultant, or realtor who took a major business loss this year, you may be surprised to learn that you can’t always deduct the whole thing on your taxes. A rule called the Excess Business Loss Disallowance might limit how much of that loss you can write off—at least this year....Continue reading
What are statutory employees? (https://www.irs.gov/businesses/small-businesses-self-employed/statutory-employees) If you run a small business, one of the most important decisions you’ll make is how you classify your workers: are they employees or independent contractors? It’s not just a paperwork issue—it’s a tax decision with real financial consequences. If you classify a worker as an independent contractor, you don’t...Continue reading
How can yo avoid the estimated tax penalty with strategic tax withholding? As of April 2025 — The due dates for quarterly estimated tax payments for your 2025 tax year are: April 15, 2025 June 16, 2025 September 15, 2025 January 15, 2026 If you miss one of those dates, the IRS imposes a penalty...
My tax professional tells me that I cannot deduct a rental loss on my Airbnb rental. She says the Morcos case limits my expenses to the amount of my rental income. My Airbnb rental is a full bedroom and bath, accessible from a separate entrance. I had the rental in place for six months during the year...Continue reading
If you are taking a home office tax deduction and considering purchasing a business vehicle, you may be eligible for significant tax deductions, especially when combining the qualifying home office. Here’s how: Heavy Vehicle Deduction In 2025, businesses can take advantage of: Section 179 expensing – Deduct up to $1,250,000 of qualifying business equipment, including...