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Announcements

Recoveries From Bear Markets in Stocks	12/10/2008
History on Your Side Nobody knows what will happen to the stock market over the next several years, but if history holds true, now's the time to acq...[more]

Mileage rate Change for July 1 2008 to December 31 2008	7/3/2008
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the ...[more]

Education Credit Changes	12/27/2007
For 2007, the amount of your Hope or lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $47,000 and $57,000 ($94,000 and $114,000 if...[more]

Charitable Contributions	12/27/2007
You can no longer deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution a bank record (such as a canceled check, a bank copy of a canceled check, or a b...[more]

Changes to the AMT	12/27/2007
The following changes to AMT are in affect for 2007. AMT exemption amount decreased. The AMT exemption amount has decreased to $33,750 ($45,00...[more]

IRS Announces 2008 Standard Mileage Rates	11/30/2007
The IRS has issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.[more]

Tax Changes for 2008	11/5/2007
Deimling Forbes & Associates, Inc. would like to keep you abreast of some changes made to the tax laws for 2008. The 5% tax rate on net capital gains and qualified dividend incom...[more]

New Ohio Property Tax Relief	7/20/2007
Property Tax Relief for Senior Citizens and the Disabled The Ohio General Assembly has enacted a new, expanded Homestead Exemption that will provide additional property tax...[more]

Increase in Audits for Small Business	5/11/2007
As noted in the Crains Cleveland Business (May 6th issue), the Internal Revenue Service...[more]

Telephone Excise Tax 2006	1/5/2007
The Internal Revenue Service has issued guidance outlining how individuals and businesses can obtain refunds and credits on their 2006 returns of the long-distance telephone excise t...[more]

Master Investors Honored	12/6/2006
Master Investors (Ohio), an investment club started by Mr. Robert J. Deimling in September 1969, has just made the Honor Roll with t...[more]

Ohio's Minimun Wage Amendment	11/21/2006
On November 7, 2006, Ohioans approved a new Amendment to Ohio’s Constitution that (1) raises Ohio’s minimum wage from $5.15 per hour to $6.85 per hour; and (2) ties the minimum wage to the rate of ...[more]

Guidance on Per Diem Expense Reimbursements Paid By Employers	11/21/2006
The entire amount of the expense allowances is subject to income tax and employment tax if employers: Routinely pay per diem allowances in excess of the federal per diem rates ...[more]

2009 Starard Mileage Rates

11/9/2006

Beginning on Jan. 1, 2009,...[more]

KIDDIE TAX	10/19/2006
The "Kiddie Tax" applied to children under age 14. In 2006, however the law changed to increasee the childs age to 18. Under the new law, the kiddie tax does not apply to a child who is...[more]

NEW HYBRID TAX CREDIT	5/3/2006
IRS certifies vehicles for new hybrid tax credit The IRS has released the first round of vehicle certifications for the new hybrid veh...[more]

Standard Mileage Rates for 2006	12/8/2005
The Internal Revenue Service has issued the 2006 optional standard mileage rates-44.5 cents per mile for business miles driven, effective January 1, 2006. Other Standard Mileage rates for t...[more]

How Long Should You Keep Your Business Records	9/28/2005
One of the most common questions asked by business owners is how long they should keep their business records. The answer depends on several factors: the type of business and what state or re...[more]

TAX TIPS	8/31/2005
IRA'S ARE FOR CHILDREN TOO! The obvious benefit of an IRA is tax-free accumulation. A 15 year old, will likely have 50+ years for t...[more]

Governer Bob Taft's Tax Reform Changes	8/2/2005
Nearly every Ohio taxpayer, both individual and business, will see some tax relief as a result of a sweeping tax reform package initiated and signed into law today by Ohio G...[more]

CHECK 21 - Proving Tax Deductions Without Cancelled Checks	11/22/2004
The Check Clearing for the 21st Century Act (Check 21) became effective on October 28, 2004. The bottom line on what this means for most consumers is that in time you won';t be seeing any of...[more]

For Your Information on Business Deductions for Cell Phones!	5/25/2004
You must keep detailed records on cell phones used for business. Otherwise a deduction is disallowed for lack of substantiation, the Tax Court says. The strict recordkeeping rules for b...[more]

Suggested Procedures for Closing a Business	5/24/2004
There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax r...[more]

What To Consider When Starting A New Business	4/27/2004
Before you start a new business, there are a number of preliminary decisions to be made. One of the first choices you will face, is the legal form in which you will operate the business. Should it ...[more]

PRIOR ANNOUNCEMENTS	9/25/2002
DEFINITION OF ABUSIVE TAX SHELTER: While there is no hard and fast definition of abusive tax shelter arrangements, typically they ar...[more]

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