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The Biggest Tax Loophole: Long-Term Capital Gains Rates for 2026
The capital gains tax rate for 2026 is 0%, 15%, or 20% for most long-term gains on assets held more than one year. For single filers, the 0% bracket runs through $49,450 of taxable income and the 15% bracket through $545,500. Short-term gains are taxed at ordinary income rates. The video calls long-term capital gains […]
The Home Office Deduction: Who Qualifies, What Counts, and Does It Trigger an Audit?
The home office deduction lets eligible self-employed people deduct part of the cost of a home used regularly and exclusively for business. The simplified method is $5 per square foot, up to 300 square feet, for a maximum $1,500 deduction. W-2 employees generally cannot claim it. A reasonable, well-documented claim is not automatically an audit […]
TurboTax vs. an Accountant: When Should You Stop Doing Your Own Taxes?
When it comes to TurboTax vs accountant, which option is actually better for filing your taxes? As a tax and accounting firm, we obviously have some bias, but the truth is not everyone needs to hire a professional. For some taxpayers, doing your own taxes with software like TurboTax can work perfectly well. The right […]
Owe the IRS Money? Here Is What to Do First
If you owe IRS money you cannot pay, you have more options than you think, and none of them require panicking. If you’re asking yourself, “I owe the IRS money, what do I do?” the first step is figuring out how you ended up with the tax debt so you can determine the best way […]
Quarterly Estimated Taxes: Who Pays Them and What Skipping Costs
The U.S. tax system is pay-as-you-go, which means waiting until April to pay what you owe could result in an estimated tax penalty. This can come as a surprise for self-employed individuals and business owners who are used to handling their taxes once a year. For freelancers and gig workers especially, understanding estimated payments […]
Seriously Delinquent Tax Debt & Your Passport
Seriously delinquent tax debt is unpaid, legally enforceable federal tax debt totaling more than $66,000 in 2026 (including penalties and interest) for which the IRS has already filed a lien or issued a levy and your rights to challenge it have run out. Once your debt is certified as seriously delinquent, the IRS reports it […]
Ohio’s Flat Income Tax Explained: What the 2.75% Rate Means for You
Yes, Ohio now has a flat income tax: as of January 1, 2026, the state taxes all nonbusiness income above $26,050 at a single rate of 2.75%, replacing its old system of graduated brackets. Income at or below $26,050 is still taxed at 0%, so the lowest earners continue to owe no state income tax. […]
Mid-Year Tax Planning for Denver Small Businesses
Mid-year tax planning is the process of reviewing your first six months of real financial results (around July) to adjust estimated payments, time purchases, and set up tax-saving strategies while there is still time to act before year-end. Most small business owners think about taxes twice a year: at filing time, and never. But the […]
Capital Gains Tax: What You’ll Owe When You Sell A House in Columbus
Central Ohio has been one of the country’s fastest-appreciating markets, so more Columbus sellers are bumping into capital gains than ever. The good news is that most people selling their primary home still owe far less than they fear. Here is what to know about taxes when selling a house in Ohio before you list, […]