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
ost people assume this is simple: donate clothes to Goodwill, get a receipt, and take the deduction. But when it comes to Goodwill clothing deductions, the IRS has very specific rules—and missing one small detail can wipe out the entire deduction. That’s not an exaggeration. There was a recent case where a taxpayer donated thousands...Continue reading
With tools like ChatGPT and other AI platforms becoming more popular, a lot of people are asking the same question: Can I do my taxes with AI? On the surface, it seems like a great idea. It’s fast, it’s easy, and it’s often free. But when it comes to taxes—especially business taxes—the reality is a...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
If you and your spouse own rental property or run a business together, you may have set up an LLC for liability protection. That part makes sense. But then comes the next question: how are husband and wife LLC taxes handled—especially here in Ohio? This is where things can get confusing. And in many cases,...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
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
If you receive tips as part of your income, you may have heard about the new IRS “no tax on tips” deduction and wondered whether it applies to you. It’s a significant tax break — allowing eligible workers to exclude up to $25,000 in tips from federal income tax — but not everyone qualifies. The...
If you’ve received a CCA letter, or a collection letter from Central Collection Agency (CCA), mentioning penalties, interest, or unfiled tax years, you’re probably wondering how bad this can get — and whether anything can be done about it. The short answer: yes, penalties are real, but they are often misunderstood — and in many...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’ve just opened a letter from Central Collection Agency (CCA) and your first thought was “Is this a scam?” - you’re not alone. Many Ohio taxpayers reach out to us after receiving a CCA letter because they’ve never heard of CCA before. The letter feels official, urgent, and often references tax years from long...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
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
Plain-English guide to OBBBA changes for 1099-NEC and 1099-K: what applies in 2025, what changes in 2026, and which states use lower 1099-K thresholds. The One Big Beautiful Bill Act (OBBBA) changed the thresholds for Form 1099-NEC and 1099-K. Here’s what applies for the 2025 tax year, what changes in 2026, and how state rules...
If you’re self-employed, you probably rely on your 1099-NEC forms to report income each year. But what happens when one of those forms is just plain wrong? It’s more common than you think—and it could mean overpaying your taxes or triggering an IRS notice. Common Scenario: Overstated Year-End Income Let’s say you billed a client...Continue reading