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
Category: Tax Strategies
Your Trusted Cleveland Tax Consultant: Expert Guidance for Businesses & Individuals
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...Continue reading
Top Tax Deductions Every Self-Employed Professional in Cleveland Should Know
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
Is My Cruise Tax Deductible?
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
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
Is Scammed Money Tax Deductible? Here’s What the IRS Says
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
Solo Business Owner with No Employees? The Mega Backdoor Roth Could Be a Game Changer
If you're a solo business owner who prefers the benefits of a Roth retirement account—but your income is too high to contribute directly to a Roth IRA—there’s a powerful tool you should know about: the mega backdoor Roth! This strategy allows you to invest up to $70,000 ($77,500 if age 50 or older) into a...Continue reading
Can You Deduct a Big Business Loss? Not So Fast…
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
Employee or Contractor? Don’t Get It Wrong—Especially with Statutory Employees
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
Beat the Estimated Tax Penalty with Strategic Withholding
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...
Can You Go to Jail for Not Paying RITA?
Are you not paying RITA? Are you facing other back taxes, local tax penalties, or unfiled income taxes with your local municipality? The team at Ken-Mar Tax understands the stress and confusion that can come with these situations. We specialize in providing RITA tax relief and resolving local tax issues with organizations like RITA, CCA,...Continue reading
What are the Rules for Deducting Passive Losses?
Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate professional. Let’s say you get there. Does that status allow immediate use of suspended passive losses? Unfortunately, the answer is no. Here’s...Continue reading
Deducting a Loss from an Airbnb Bedroom Rental
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
Paying Yourself from Your Business Correctly
Paying yourself from your business depends heavily on your entity structure and understanding the tax implications of your choice. This post gives you a few key points to remember, but call us as Ken-Mar Tax for more in-depth tax advice. A common question among business owners is how to pay themselves from their businesses properly....Continue reading
Combine a Home Office Tax Deduction with a Heavy Vehicle for Major Tax Write-Offs
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...
For Tax Purposes Are You a Real Estate Dealer or a Real Estate Investor?
If you buy and sell real estate, you need to know the difference between being classified for tax purposes as a real estate dealer versus a real estate investor. Real estate dealers are in the business of buying and selling real property—property is their inventory. Real estate investors own property primarily to earn income from...Continue reading
Avoid Losing Tax Deductions When Starting a Business
Starting a new business is an exciting endeavor, but it also comes with complex tax considerations. Starting a business for tax purposes involves more than ambition—it requires clear evidence of operational activity to justify deductions. A recent Tax Court case involving petitioners Kwaku Eason and Ashley L. Leisner highlights the importance of understanding when a...Continue reading
Maximize Your Business Vehicle Tax Deductions with Year-End 2024 Vehicle Purchases
As 2024 comes to a close, there is still time to reduce your tax liability through strategic vehicle purchases for business vehicle tax deductions. Whether you need a new SUV, pickup, van, or electric vehicle, there are significant deductions and credits available—but timing and proper planning are key. At Ken-Mar Tax, we specialize in helping...Continue reading
2024 Tax Deduction Strategies to Implement Now
As the year draws to a close, it’s the perfect time to implement 2024 tax deduction strategies that can significantly reduce your tax burden. Whether you’re a business owner or self-employed, these six powerful tax-saving tips can help you maximize your deductions and keep more of your hard-earned money. 1. Prepay Expenses to Claim Tax...Continue reading
Will You Get a Better Tax Return if You Get Married?
Many of our self-employed and small business owner clients ask us about tax implications of getting married. Marriage is a life-changing decision, and it’s essential to consider how it impacts your financial and tax situation. Depending on your circumstances, getting married could simplify your taxes—or increase your tax burden. Here are key points to keep...Continue reading