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Accounting and financial news
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Make sure you have proper substantiation for your 2014 donations

by Melissa Rager

If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services. If you […]

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Long-Term Care Insurance – Is It Worth It?

by Greg Hopkins

February 15, 2015 has come and gone. The deadline to enroll into the Patient Protection and Affordable Care Act (PPACA), better known as Obamacare, has passed. Americans as a whole have been required to become better educated about the costs, benefits and the overall wild-world of health insurance. For most of us, this is going […]

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Rockbridge’s Stability During the Storm

by Ed Bannen

As you may have seen, Rockbridge Capital has been in the news a lot lately for their success in closing their largest fund to date at $438 million. Rockbridge is a Columbus private equity firm that invests in hotels. Columbus CEO magazine had this article about James Merkel, CEO, and Rockbridge Capital discussing their strategy […]

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In Case You Hadn’t Heard…Someone Should Patent Filing Patent Cases

by Keith Hock

I am pretty sure that filing a patent case is not novel and, therefore, is not patentable. That is too bad because the volume of new cases in 2014 suggests that such a patent would have been very profitable (I’m always a day late…). A new study from Docket Navigator includes some interesting statistics about […]

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Bad Test Takers May Not See Their Ohio Income Tax Refund for a While

by Judd Ballard

Don’t let those three letters behind my name fool you. I am awful at taking tests. I could give you the contact information of a dozen high school teachers that would vouch for that. No one disliked the threat of a pop quiz more than myself. So under normal circumstances, I’d be sweating the chances […]

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Should you forgo a personal exemption so your child can take the American Opportunity credit?

by Melissa Rager

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high (modified adjusted gross income phaseout range of $80,000–$90,000; $160,000–$180,000 for joint filers), but your child might. The maximum credit, per student, is $2,500 per year for the […]

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The “manufacturers’ deduction”: It’s not just for manufacturers

by Melissa Rager

The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts. Yes, the deduction is available to traditional […]

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In Case You Hadn’t Heard…It’s Warm in Miami! 

by Rebekah Smith

I taught at the National Judicial College in sunny Miami, Florida two weeks ago and the weather was so gorgeous that I almost did not come back to Central Ohio.  An attorney I work with said to me (disgustedly) you never tell me you are teaching somewhere like Des Moines (no disrespect to Des Moines […]

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Be sure to deduct all of the mileage you’re entitled to

by Melissa Rager

You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The rates vary depending on the purpose and the year: Business: 56 cents (2014), 57.5 cents (2015) Medical: 23.5 cents (2014), 23 cents (2015) Moving: 23.5 […]

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Turbo Tax Super Bowl Ad: Run That By Me One More Time, Free?

by Judd Ballard

What just happened? You’re not charging me for filing my taxes? It depends (remember, tax safe harbor answer) On a night of lackluster musical performances, less than enthusiastic backup dancers, morbidly serious commercials, and one bad play call, Turbo Tax took a walk down US History 101. Finally, good use of my DVR’s rewind feature. […]

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