Pro Tips - Tax Deductions

Tax Deductions - Pro Tips Video #2

The LongSchaefer team of Cincinnati CPAs is dedicated to not just being another financial services firm. Our trusted business advisors want you to be able to approach us with questions knowing you’ll get real, one-to-one, understanding service. Whether you’re looking to find out more information about tax deductions, tax services, financial advice and services for business or anything else, LongSchaefer is here for you.

Part of this service is our free pro-tip videos, offering brief and simple information on a variety of topics. Here, you’ll find a quick video about tax deductions. Click the video below, read on for more detail, and contact our Cincinnati CPAs today with any questions you may have.

Marriage Deduction

When it comes to filing taxes as a married couple, you have different options that can affect the kind of tax deductions and refunds you receive. There are benefits and consequences of filing either jointly or separately depending on your personal situation. However, in Ohio there are some unique potential benefits to filing as “married, filing separately”.

If you and your spouse have a similar level of income, you could save significantly this way. This is because Ohio has graduated tax brackets. Filing jointly will limit how much you can get out of this system by applying it to both of you as effectively one person.

Educational Loan Deduction

If you’re repaying student loans or you’re the parent of someone who is repaying their student loans, you might be surprised to learn about the tax deductions available to you. Paying interest on a student loan can be a real pain and take a lot out of your personal funds. Fortunately, you can get a deduction on that interest when the time comes to file.

What you might not have known is that if you’re a parent, and your name is on that loan, you can deduct it, too! Reducing the amount of tax you need to pay is a big benefit, whether you’re a new graduate who has just entered the working world or a proud parent of one.

Tax Deductions and Services with LongSchaefer

This is just a small sample of the kind of useful information available to you. Rather than spending hours searching online and trying to decipher complicated tax code buzzwords, just ask LongSchaefer! If you’re ready to make the most of your tax deductions, LongSchaefer’s trusted business advisors can help.

Our focus is on your financial wellbeing, and we want you to be equipped with the knowledge you need to get the most out of your money. We know that many of the deductions and benefits available to you as a taxpayer are often hidden in the fine print, so we want to let you know. Contact us about our tax services today from trusted Cincinnati CPAs.

"Each person has their own definition of success, our job is really to figure out what that is and help them achieve that."

- Ron Schaefer, CPA/PFS

May 2020 COVID-19 Update

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