When it comes to tax season, maximizing your deductions is key to minimizing your overall tax liability. Here are some tips to help you make the most of your deductions and potentially increase your tax refund:

This week’s tax tip is for all of our traveling business people and the deductions you can get for business trips. Ironically, this week’s tax tip is brought to you by the very same people who want you to pay your taxes, the IRS! The article includes the various deductions one can list on their taxes due to business including food, gas, transportation tickets, and most importantly, how to document all of that so it is easy to file your taxes when the time comes.

We all know one or more elders that have been preyed on in one fashion or another. It happens all the time. Some attorneys even specialize in defending their elderly clientele against these predators, who come in all shapes and sizes. Sometimes, a predator is a stranger who becomes embedded in the senior’s life in the form of “a new caregiver, a friend, a romantic interest or even as a financial adviser.”

The Internal Revenue Service just announced that they are increasing the mileage rate for the remainder of the year starting July 1st. Please see the changes in the below table and update your records accordingly.

We all complain about the crazy and sometimes foolish behavior of the Internal Revenue Service. But, other taxing entities such as states, school districts and municipalities can be just as bad. These other taxing entities have no qualms in spending $100 to collect $10 in extra taxes. They are also quick to charge interest and penalties on anything and everything.

One hears much about the federal income tax credit available for rehabilitation of historical structures. Fewer know that Ohio also has such a credit. The federal and state credits may help finance the rehab of historic structures.