The Rea Report Spring 2019 | Page 16

famous people > continued from page 9 Andrew Somich • “A CPA’s AICPA Leadership Program Experience,” Ohio Society of CPAs (OSCPA) blog • “How To Avoid A Bad Tax Preparer When It’s Time To File Your Return,” The Plain Dealer • “New Changes To Filing Taxes,” Sandusky Register • “Troubles Filing Or Seeing Less Of A Refund? Here’s Why,” Norwalk Reflector WEST CENTRAL OHIO REGION Christopher Axene • “CPAs Tackling Complexities Of The Upcoming Tax Season,” OSCPA blog • “A Busy Season Primer On Opportunity Zones,” OSCPA blog Becca Davis • “2019 Marketing Trends: What’s Hot Outside Of The Accounting Industry,” CPA Growth Trends Abbey Kanellakis • “10 B2B Marketing Trends to Watch in 2019,” special Uberflip report Leadership NORTHEAST OHIO REGION Ted Klimczak will serve as treasurer for the Greater Medina Chamber of Commerce. EAST CENTRAL OHIO REGION Becky Boyd was selected to serve as an ambassador for the Adult Congenital Heart Association. Renee West will serve as the district director for the Ohio Central Regions. She will also serve on Ohio’s SHRM State Council Board of Directors. WEST CENTRAL OHIO REGION Trevor Hester, Sarah Sparks, Lamar- cus Crowders and Cole Reynolds will participate in the Dublin Ohio Chamber of Commerce’s 2019 Leadership Academy program. 16 Is It Time To Contact Your CPA? > continued from page 5 And let the Social Security Administration know if you’re planning to revert back to your maiden name. PURCHASING A HOUSE The interest portion of your mortgage payment and your real estate taxes are tax-deductible. And the homeowners’ exemption may save you some money from years of property maintenance. Just know that the rules to qualify for this exemption differ depending on where you live so you’ll want to ask your CPA for advice. It pays to be an environmentally savvy home owner. By improving your home’s energy-efficiency, you may qualify for valuable tax credits. And, as a homeowner, you might be able to itemize instead of taking the higher standard deductions. A CPA can help you determine if this strategy will work for you. H AV I N G C H I L D R E N Raising kids can get expensive, which is why so many taxpayers are more than happy to take advantage of the newly increased child tax credit. With more people living under your roof, it’s especially important to find out how your personal exemption and standard deduction will be impacted. And if the time comes to gift money to your child or grandchild, don’t forget to file a gift tax return. RETIREMENT The required minimum distribution is what the IRS requires you to withdraw from your retirement account once you reach age 70½, which can be costly if you aren’t prepared. And any distributions – either from your 401(k) or IRA – can impact your tax bill. Talk to your CPA for help minimizing the blow. C O N TA C T Y O U R C PA There are some great tax-saving opportunities available, but if you aren’t taking a proactive stance, you could miss out on a chance to lower your tax bill or increase the amount of your refund. Consult with your CPA to ensure that you’re getting the most out of your taxes.