Why you need to file an income tax return | Paul Pahoresky
Mandatory filing of a tax return is based on gross income for the year. There are numerous reasons to file a return for a taxpayer — even when filing of...
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![Most Americans will rely on Social Security as a significant portion of their retirement income. Most working Americans are paying into Social Security throughout their working years. Those who are employed at a job pay into Social Security through Social Security withholding of 6.2% of their gross wages. The employer is also matching this amount […]](https://www.morningjournal.com/wp-content/uploads/2023/08/GettyImages-1346574953.jpg?w=140 "Most Americans will rely on Social Security as a significant portion of their retirement income. Most working Americans are paying into Social Security throughout their working years. Those who are employed at a job pay into Social Security through Social Security withholding of 6.2% of their gross wages. The employer is also matching this amount […]")
Reviewing your Social Security statement | Paul Pahoresky
Most Americans will rely on Social Security as a significant portion of their retirement income. Most working Americans are paying into Social Security throughout their working years. Those who are...
When is 2023 Ohio sales tax holiday? | Paul Pahoresky
With the cost of everything continuing to rise any chance to save money is a welcome relief. The annual sales tax holiday begins at midnight Aug. 4 and ends at...
Tax benefits of being self-employed | Paul Pahoresky
As the tax laws continue to change and evolve the need to evaluate the best method to be compensated arises. Although most people are compensated as W-2 wage employees of...
![Recently I had a client provide me with their documentation to prepare their 2022 income tax returns. As I was working through their return, I realized that some of the information provided, if submitted in the manner provided, and with the values provided, would trigger an IRS inquiry. Since my signature as the preparer is […]](https://www.morningjournal.com/wp-content/uploads/2023/06/Election_2022_IRS_99704.jpg?w=136 "Recently I had a client provide me with their documentation to prepare their 2022 income tax returns. As I was working through their return, I realized that some of the information provided, if submitted in the manner provided, and with the values provided, would trigger an IRS inquiry. Since my signature as the preparer is […]")
What triggers an IRS audit? | Paul Pahoresky
Recently I had a client provide me with their documentation to prepare their 2022 income tax returns. As I was working through their return, I realized that some of the...
Reporting of foreign bank and financial accounts | Paul Pahoresky
In recent years the IRS has gotten quite aggressive in tracking down any foreign bank accounts and other foreign assets that American citizens may have. Even if the taxpayer fully...
Who is my dependent for tax purposes? | Paul Pahoresky
I spent this past weekend attending my 22-year-old daughter’s graduation from college. It was a joyful celebration as she begins her “adult” life. The impact on my wife and I...
Observations from 2023 tax season | Paul Pahoresky
The tax preparation community is breathing a sigh of relief now that we have survived another tax season and made it past April 18 of this year. For this tax...
Time to file your tax extension | Paul Pahoresky
Spring is in the air. To me that can only mean the end of tax season is near, and I switch my focus from filing returns to filing extensions for...
![Every year as I prepare tax returns I have to put a return on my hold pile and reach out to a client for the cost basis of an investment. Inevitably this investment was purchased decades ago, or was gifted to them by a parent or relative. This lack of a cost basis can also […]](https://www.morningjournal.com/wp-content/uploads/2023/03/business-women-metro.jpg?w=132 "Every year as I prepare tax returns I have to put a return on my hold pile and reach out to a client for the cost basis of an investment. Inevitably this investment was purchased decades ago, or was gifted to them by a parent or relative. This lack of a cost basis can also […]")
You need your cost basis | Paul Pahoresky
Every year as I prepare tax returns I have to put a return on my hold pile and reach out to a client for the cost basis of an investment....