Deducting Business Bad Debts Tax Calendar Loans from IRAs Not Permitted Retiree's State of Residency Tax issues Distributions from Inherited IRAs Important Information Previous issue Deducting Business Bad Debts If debt collection is a problem for your business, deducting uncollectible (bad) debts from your tax bill may somewhat lessen the sting of simply writing them off. Tax Calendar Important upcoming Tax dates. Loans fromIRAsNot Permitted During this difficult economic period, taxpayers struggling financially should be wary of using IRA funds to supplement their income. In a recent real-life example, a taxpayer struggled to pay his business expenses, home mortgage, and family living expenses. Retiree's State of Residency Tax issues When a person retires, he or she may decide to move to another state for a variety of reasons, such as living in a warmer climate, being closer to children or other relatives, avoidingstate income tax, health reasons, or a combination thereof. Distributions from Inherited IRAs It is becoming increasingly common for individuals to inherit IRAs. By inheriting an IRA, we mean when you become entitled to some or all of the balance in a deceased account owner'straditional IRAor Roth IRA by virtue of being designated as an account beneficiary. ...read more

Jozsef Debreczeni CPA Phd is originally from Budapest, Hungary. After coming to the United States he started an accounting practice. He has been providing accounting, tax, audit, and consulting services for the past thirty years. Mr. Debreczeni is an avid equestrian and has been actively involved in many horse shows and events. Gary Petrash CPA is an Ohio native. After attaining his BBA from Cleveland State University, he began his career in accounting with the Internal Revenue Service. In 1982, he obtained his CPA certification and started an accounting practice. In 1999, they merged and formed Debreczeni & Petash CPA's Inc. Their office is located at 6785 Wallings Road in North Royalton Ohio 44133. They specialize in the financial needs of small business such as accounting, financial reporting, payroll, tax, audits, internal controls, and consulting. While they are located in Ohio, they provide a variety of services to clients in over twenty states. They provide a free newsletter at their Web Site,www.taxbeacon.com/debreczeni-petrash. They also offer free initial consultations and welcome the opportunity to meet with potential clients. Debreczeni & Petrash CPA's PO Box 29309 Cleveland OH 44129 tel(440)230-5660 fax(440)230-5661glpcpa@sbcglobal.net ...read more