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Debra Rodway's blog

TAX TIPS: Renting Residential or Vacation Property

Are you planning to rent out your residential property or vacation home?  If so, there are many things you need to consider other than the logistics of cleaning, maintenance, and service to the renter.

Receiving money for the use of a dwelling also used as your personal residence generally requires reporting the rental income on your tax return. Certain expenses related to renting your property become deductible to reduce the total amount of rental income that's subject to tax.

TAX TIP: Making the Most of Miscellaneous Deductions

Miscellaneous deductions are tax deductions that generally don’t fit into a particular tax category.  They can help reduce taxable income and the amount of taxes owed. 

For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions.  To do that, they must itemize their deductions instead of taking the standard deduction. 

Here are several tips about miscellaneous deductions:  

Visit Chuck's Greenhouse FIRST -- You'll Be Glad You Did!

Chuck's Greenhouse is located on Rt. 45 in North Jackson, 1-1/4 miles south of Mahoning Ave.  If you haven't been to Chuck's, do yourself a favor and check it out.  They have beautiful plants and flowers at great prices.  Official opening this season is next Saturday, April 28, at 9:00 a.m..  

Chuck's Greenhouse has been a family owned and operated local business since 1995. Owners, Chuck and Jen Lehotsky, grow about 98 percent of the plants you will find at at their 22,000 sq.ft. greenhouse.

Check out this interesting behind the scenes greenhouse operations video by WFMJ TV and see how they do what they do.

New Ohio Income Tax Requirement for 2016

Ohio, along with other states, will require driver’s license information for the primary taxpayer and spouse (if Married Filing Jointly) beginning in tax year 2016.

This new requirement is in an effort to combat stolen-identity tax fraud.

Taxpayers will be asked to provide the information from their driver’s license or state issued identification card. For taxpayers who do not have a driver’s license or state ID card, they will have the option to indicate such and still be allowed to e-file.

Protect Your Personal and Financial Data Online and At Home

In recent weeks, the IRS issued a series of Security Awareness Tax Tips designed to help you take steps to protect yourself. If you missed them, we’ve created an IRS Security Awareness Tax Tips page for you to catch up or review.

Remember, cyber criminals continue stealing large amounts of personal data from outside the tax system. They can use that data to file fraudulent tax returns or commit other crimes while impersonating the victims.

The IRS, the states and the tax industry joined together in the Security Summit initiative to help fight back against these criminals. They have made significant progress to help taxpayers, but can do an even better job with your help.

Please consider taking these steps to protect yourselves and your data:

Happy New Year From Our Families To Yours!

For many of us, the new year signifies new beginnings . . . the first day of the rest of your life!  Hoping this new year brings you all good things, and you are blessed with happiness, good health, and the love of family and friends.

Happy Holidays From Our Families To Yours!

From all of us at DJL Accounting . . .

Wishing you a holiday season filled with peace and joy.

May the New Year bring you happiness and prosperity!

Tribute to Carl N. Lupi, Beloved Step-Father, Mentor & Advisor

Carl N. Lupi, my beloved step-father, mentor and advisor, passed away peacefully on December 11, 2016 surrounded by his loving family, following a courageous battle with cancer.

Carl has been a big influence in my life. I owe much of my success to him. Sometimes someone comes into your life who changes everything . . . raises the standards, makes you laugh, makes you feel like you. There is something about Carl that you can't put into words. Even though he is no longer here in body, he will always be here in our hearts.

2016 Year-End Tax Planning Letter

Dear Clients and Friends:

With a new administration taking shape in our nation’s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near future. But the greatest impact on year-end tax planning in 2016 will likely derive from what happened late last year, not what will happen next year.

In the waning days of 2015, Congress passed the Protecting Americans from Tax Hikes (PATH) Act, which was promptly signed into law. This new federal legislation reinstated dozens of favorable tax provisions that had expired, many of them retroactive to the beginning of 2015. In some cases, the new law made often-extended tax breaks permanent, with certain modifications. The changes included in the PATH Act provide both individual and business taxpayers with a clearer picture about the optimal tax moves to make before the end of this year.

Department of Labor Overtime Rule Blocked

The Department of Labor Overtime Rule that would have required employers to pay overtime to most salaried workers who earn less than $47,476 annually, has been blocked.  Texas U.S. District Judge Amos Mazzant issued a temporary injunction blocking the Department of Labor rule, which was scheduled to take effect December 1st.

Dozens of business groups, including the U.S. Chamber of Commerce, and 21 state attorneys general, including Ohio Attorney General Mike DeWine, filed suit against the rules.  The litigation will likely continue beyond inauguration day. President-elect Trump is expected to either eliminate the new rule or make substantial revisions to ease the burden on businesses.

Tax Tips, Resources & News

Our blog, news feeds, forms, and links to helpful resources are provided to help you find the answers you seek any time of the day or night.  Please call us at 330-779-0781 for assistance.  We're here to guide you through your business and personal accounting and tax questions and obligations.

Contact

  • Address:DJL Accounting & Consulting Group, Inc.
    Cider Mill Professional Center, Building C-102
    1570 S Canfield Niles Road
    Youngstown, Ohio 44515 
  • Phone:330 779 0781