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So far Joseph Ohara has created 207 blog entries.

Smooth sailing: Tips to speed processing and avoid hassles this tax season

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip 2. Gather all documents needed to prepare an accurate return. This includes W-2 and 1099 forms. In addition, you may have received statements or letters [...]

By |2022-01-25T17:14:18-05:00January 25th, 2022|CPA-Blog|0 Comments

Educate your children on wealth management

  If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. The best way depends on your circumstances, their personalities and your comfort [...]

By |2022-01-20T11:58:32-05:00January 20th, 2022|CPA-Blog|0 Comments

Help safeguard your personal information by filing your 2021 tax return early

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too. How [...]

By |2022-01-18T11:35:50-05:00January 18th, 2022|CPA-Blog|0 Comments

Avoiding undue influence claims

  A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who’ll inherit your property. Will contests and similar challenges often occur when one’s estate plan operates in an unexpected way. For example, if you [...]

By |2022-01-13T10:20:55-05:00January 13th, 2022|CPA-Blog|0 Comments

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about your 2022 tax situation. That’s understandable because your 2021 individual tax return is [...]

By |2022-01-11T11:29:42-05:00January 11th, 2022|CPA-Blog|Comments Off on How will revised tax limits affect your 2022 taxes?

With proper planning, a charitable remainder trust can replicate a “stretch” IRA

The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remainder trust (CRT) can allow you to replicate many of its benefits. SECURE Act’s effects on stretch IRAs For years, a stretch IRA was an effective tool that allowed your children or other beneficiaries to stretch inherited IRA savings over their life expectancies. This was a [...]

By |2022-01-10T15:42:25-05:00January 10th, 2022|CPA-Blog|0 Comments

Businesses with employees who receive tips may be eligible for a tax credit

  If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics of the credit The FICA credit applies with respect to tips that your employees receive from customers in connection with the provision of food or beverages, [...]

By |2022-01-10T12:53:10-05:00January 10th, 2022|CPA-Blog|Comments Off on Businesses with employees who receive tips may be eligible for a tax credit

Are you eligible for a medical expense tax deduction?

  You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if you itemize, which means that your itemized deductions must exceed your standard [...]

By |2022-01-04T11:44:30-05:00January 4th, 2022|CPA-Blog|0 Comments

Defer tax with a like-kind exchange

  Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive. A like-kind exchange is any exchange of [...]

By |2022-01-03T14:29:47-05:00January 3rd, 2022|CPA-Blog|0 Comments

Commission fraud: When salespeople get paid more than they’ve earned

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to earn unlimited commissions. Unfortunately, some commission-compensated employees may be tempted to abuse this system by falsifying sales or rates. Fraud methods vary depending on an unethical salesperson’s employer and role. But companies need [...]

By |2022-01-03T14:26:48-05:00January 3rd, 2022|CPA-Blog|0 Comments
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