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
Should you file jointly or separately when one spouse is a sole proprietor, 1099 contractor, realtor, consultant, or new business owner? Short answer: filing jointly usually produces the lower total tax, but there are very real exceptions—especially with student loans, medical expenses, community-property states, and risk-management concerns. Here’s a simple, plain-English guide. How the business...Continue reading
Looking for a big deduction without a new cash outlay? This strategy turns a prior-year sunk cost—your existing personal vehicle—into a current-year business deduction. Thanks to the OBBBA vehicle deduction, 100% bonus depreciation is back and, if your vehicle and records qualify, the write-off can be substantial. How the OBBBA Vehicle Deduction Works When you...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...
Filing taxes is one of those yearly obligations that many people face with a combination of anxiety and uncertainty. The process can be overwhelming because tax laws are notoriously complicated, often filled with dense jargon, and subject to frequent updates and changes. This complexity can make even seemingly straightforward tax returns a challenge to complete...Continue reading
Tax season can be an especially stressful period for small business owners. Between managing day-to-day operations, keeping accurate financial records, and staying up to date with ever-changing tax regulations, the added responsibility of preparing your taxes can quickly become overwhelming. Errors or omissions on your tax returns can result in costly penalties, missed deductions, or...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
Tax season can be an especially stressful period for small business owners. Between managing day-to-day operations, keeping accurate financial records, and staying up to date with ever-changing tax regulations, the added responsibility of preparing your taxes can quickly become overwhelming. Errors or omissions on your tax returns can result in costly penalties, missed deductions, or...Continue reading
Tax season can be daunting—but you don’t have to go through it alone. In Cleveland, an Enrolled Agent brings unmatched expertise in tax planning, preparation, and IRS representation. Ken Weinberg, founder of Cleveland Tax Consultant, is federally licensed, local-focused, and committed to safeguarding your financial interests through precise, strategic, and compliant tax services. Why Hire a Cleveland Tax...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