Beginning with tax year 2020, taxpayers may claim up to $300 in charitable cash donations, in addition to the standard deduction.

As background, individual taxpayers claim a standard deduction or itemize deductions like mortgage interest, property taxes, and charitable contributions. The 2018 tax code increased the standard deduction, while limiting certain itemized deductions. READ MORE

The IRS, acting pursuant to a Presidential Memorandum dated August 8, 2020, issued guidance last Friday on implementation of the deferral of employee Social Security taxes. The deferral period will be September 1-December 31, 2020. READ MORE

This year, U.S. unemployment jumped from a historically low 3.5% in February to 14.7% in April and remained at 10.2% in July. The pandemic-induced spike impacted many long-term employees, especially workers in industries vulnerable to social-distancing mandates. First-time recipients are often surprised to learn that unemployment benefits are taxable. As such, the IRS reminds us, they are. READ MORE

Jarad Hunter, Cincinnati, Ohio financial adviser at JHunter, is dedicated to streamlining your tax accounting processes, freeing your time to focus on business operations. With experienced bookkeeping, payroll, and tax preparation services, you will enjoy more efficient operations and a better understanding of your finances. This objective was the main goal of JHunter’s work with client Legendary Custom Homes. In the first calendar year of working with JHunter, Legendary Custom Homes’ sales increased by more than 90%, and their bright prospects continue. READ MORE

Small business owners are tasked with myriad responsibilities during the normal course of their operations. One of the most important—and stressful—of these tasks is tax preparation. Filing taxes distracts you from your other responsibilities, and the tax code is very difficult to decipher. READ MORE

From securing new clients, to managing employee productivity, many tasks are involved with running a small business. That is why you should leave payroll services, and related tax accounting work, to professionals like JHunter. By outsourcing this job function, you will free time to devote to other aspects of daily operations. Based in Cincinnati, Jarad Hunter provides Ohio business owners with strategic financial counsel and solutions to help their companies flourish. READ MORE