A couple of weeks ago we looked at a summary of Ohio’s tax law changes for 2013 (TTW# 214). This week we will take a closer look at the tax deductions available to individuals with “Ohio small business investor income”.

A massive case of organized tax and bank fraud culminated September 27, 2013 with the unsealing of four federal grand jury indictments accusing 55 people of participating in one or more illicit schemes, including the theft of more than 2,000 identities that were used to claim more than 420 million in bogus IRS tax refunds. As a result the IRS paid out more than $7 million, even issuing payments in the names of dead people.

Recent articles have flooded the internet regarding the term "family glitch" and its potential impact on leaving many children without coverage based on a faulty design in how Congress drafted the Affordable Care Act.

This helpful link was provided by the National Association of Tax Professionals. Use this tool to see if any subsidies may be available to you for health insurance coverage:

The advantage of owning a traditional IRAs is that they grow tax-deferred and are only taxed when you take a distribution. Typically, if you take a distribution prior to age 59.5 you will pay a 10% premature distribution penalty. You must also take Required Minimum Distributions (RMDs) when you reach age 70.5. The rules of inherited IRAs, however, are very specific and need to be understood by anyone planning to leave an IRA—or if you plan to inherit and IRA.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) on September 4, 2013 ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.