Income tax

As the song says, “"It’'s the most wonderful time of the year,"” but amid the hustle and bustle of the holidays, it's worthwhile to remember this is also a great time of year to take stock of your investments, and see what options you have before January 1 to reduce the taxes you'’ll owe come April 15. Here to explore year-end tax strategies that could allow you to keep more of your money are David Foster, senior vice president at Foster and Motley, and local financial advisor Chris DeSimio. If you have questions about what you can do to reduce your taxes, please let us know.

  If the winter weather isn’t enough to worry about, remember the April 15 tax filing deadline is now just six weeks away. Instructions for Form 1040 run 206 pages, the 1040EZ instruction booklet is 42 pages long. If you’ve already completed your return, congratulations, but if not, there are several changes to watch for this year.

Tax strategies for individual and businesses

Apr 5, 2013

Larry Baker, senior partner at Grant Thornton in Cincinnati, is On the Money with Chris DeSimio to discuss tax strategies for individuals and businesses for the 2012 -2013 tax season.

Report: Kentucky's tax system unbalanced

Jan 30, 2013

A new report by the Institute on Taxation and Economic Policy shows a big gap between Kentucky’s income levels on who pays taxes.

The report says Kentucky’s top 1 percent income bracket pays roughly 5 percent of the state’s income tax, while the bottom 20 percent pays 9 percent.

Middle income levels are saddled with a higher percent, according to the report.

Jason Bailey, director of the Kentucky Center for Economic Policy, says the numbers show tax reform needs to happen quickly in Kentucky to better balance the burdens.

Tana Weingartner

Cincinnati residents who work outside the city limits could soon lose their income tax reciprocity.  

City Council could vote this week to approve the Manager's recommendation the credit be eliminated next year.  

Ohio local income tax is assessed primarily to the municipality where it's earned and secondarily to where an individual lives.

 Cincinnati has always allowed residents who work outside the city to reduce their city income tax by the amount they pay to other municipalities.  

Kearney proposes debit cards for tax refunds

Aug 22, 2012
Provided

A state senator from Cincinnati is introducing a bill that would let taxpayers get their income tax refund on a prepaid debit card. 

Sen. Eric Kearney said the state needs to adjust to the marketplace.

“This prepaid debit card program will benefit those citizens that do not have a bank account for direct deposit, or for those who wish to avoid the hassle with paper checks and check cashing fees,” Kearney said in a statement.  “They will also be able to use their prepaid debit cards in stores, online, over the phone, or anywhere that accepts debit cards.”