Money can be a sensitive family topic. A recent survey by the American Institute of CPAs found that while more than three in five parents provide an allowance — usually, starting when their children are about 8, and at an average of $65 per month — they’re uncomfortable talking to them about finances. In fact,.. read more →

A vast majority of CFO’s believe that the economy will stay the same or worsen in the near term.  I am not that pessimistic as I think there will be moderate growth. The one word that always seems to surface when talking about this issue is uncertainty. What creates that uncertainty? Whether or not the.. read more →

Did you know that Schlabig & Associates, Ltd. has a notary available at both our Akron and Kent locations? Tami Lemley at our Kent office and Vikki Kauffman at our Akron office are both commissioned notaries through the State of Ohio. This is a free service offered to our clients. Just about everyone needs a.. read more →

In the June 27, 2013 Congressional Research Service report, “Tax Provisions Expiring in 2013- Tax Extenders” is listed the temporary tax provisions for individuals. The following provisions are set to expire on December 31, 2013 unless extended again: State and local sales taxes, Above-the-line deduction for teacher expenses, Deduction for mortgage insurance premiums deductible as.. read more →

For each Facebook like we have between now and the end July Schlabig will donate $1 to a local charity. On our Facebook site we will provide weekly engaging updates about tax issues, neighborhood & charity events that we are involved in, and general office information. Please take a second to Like Schlabig on Facebook by.. read more →

Did you just order something from Amazon? Chances are you did not pay sales tax on your purchase. If you had bought the same thing at Best Buy, you would have. Now legally and ethically you would report that transaction on your state return and pay use tax. Most states have a line on their.. read more →

  In the midst of summer wedding season, the IRS reminds newlyweds that a change in marital status comes with tax implications. Tax tips from the IRS for individuals recently tying the knot include:   Reporting a name change to the Social Security Administration by filing Form SS-5 Notifying the IRS and the U.S. Postal.. read more →

After you graduate you may have piled up debt in order to get that diploma. That debt may have come in the form of federal debt or private debt. Federal debt may be in the form of Stafford Loans, Perkins Loans, Direct Plus Loans, and Supplemental Loans. Wouldn’t it be nice to consolidate all of.. read more →

When debt is canceled, the forgiven amount is usually treated as taxable income. However, exceptions apply to businesses as well as to individuals. COD or Cancellation of Debt income may not be taxable: If the party is bankrupt or insolvent. To the extent the debt discharged is qualified farm debt. To the extent the debt.. read more →

One question I get asked many times is “When should I start taking Social Security?” Deciding to make a plan could increase your benefits anywhere from 4% to 17%. Married couples could have as many as 12 different strategies. A word of caution, once you make your decision-IT’S PERMANENT. Running the numbers is one important.. read more →