Margida & Associates, Inc. - Certified Public Accountants serving small businesses and individuals in Akron Canton and Hudson since 2000.

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Tax Tip Tuesday

Tax Tip Tuesday: Auto Expenses vs. Mileage Deduction

When faced with a choice of deducting either your actual auto expenses or the mileage deduction for business-related driving, take the mileage deduction. It’s a better deal with gas prices so high. Mobile apps such as Outright can make it easy to log your mileage as you go.


Tax Tip Tuesday: Mortgage Interest is Your Best Friend

Taxpayers collectively get roughly $100 billion annually in mortgage interest breaks. If you just bought a home or refinanced in the last few years, the savings are even more significant, since more than half your monthly payment goes towards interest.


Tax Tip Tuesday: Schedule a mid-year tax planning appointment

Schedule a mid-year tax planning appointment if your financial situation will change this year from last year. If you plan to get married or divorced, buy or sell a home, start a family, or experience any other financially-altering event in 2014, it’s a good idea to meet with a professional to do some tax planning. […]


Tax Tip Tuesday: Leveraging Itemized Deductions

Consider leveraging itemized deductions by bunching deductible expenditures every other year, while taking the standard deduction in intervening years.


Tax Tip Tuesday: E-Filing

If you’re afraid of e-filing, consider this: Not only will you get your refund faster, but paper returns have a 20 percent error rate, compared with 1 percent for electronic returns. That’s partly because IRS personnel tend to make mistakes when they have to enter your information manually.


Tax Tip Tuesday – Tuition Tax Tip

Did you know that Uncle Sam lets you deduct some of your tuition costs? Depending on your income, you can deduct up to $2,000 or $4,000 of college tuition and related fees.


Tax Tip Tuesday – Reduce Tax Bill

Adjust your 401k deferral to max contribution for the year.  This will help reduce your tax bill for 2013.


Tax Tip Tuesday-Refunds

If you are receiving a refund from the IRS, request direct deposit to receive your money faster.


Tax Tip Tuesday-Charitable donations

Deductions for charitable donations can offer substantial tax savings, thereby making a large and profitable difference in your refund.


Tax Tip Tuesday-It’s all about timing

Getting started early is the hardest, but most important, part. Just taking the first step – as simple as putting all your tax related documents into one big box, envelope, or pile as you receive them in the mail!