Fraker CPA LLC

09/01/2026

08/05/2026

The 2026 Ohio sales tax holiday will be shorter and more limited than in 2025. The sales tax holiday will run from Friday August 7th through Sunday August 9th of 2026.

The 2026 sales tax exemption will apply to clothing of $75 or less per item and school supplies of $20 or less.

For more information see https://tax.ohio.gov/.../sales-and-use-tax/sales-tax-holiday

07/14/2026

Mark your calendars!

Ohio recently announced the annual Ohio sales tax holiday for 2026.

The 2026 Ohio sales tax holiday will be shorter and more limited than in 2025. The sales tax holiday will run from Friday August 7th through Sunday August 9th of 2026.

The 2026 sales tax exemption will apply to clothing of $75 or less per item and school supplies of $20 or less.

For more information see https://tax.ohio.gov/business/sales-and-use-tax/sales-tax-holiday

05/29/2026

A 529 plan is a qualified tuition program that allows taxpayers to contribute to an account for qualified education expenses.

The contribution is not subject to income limitations and distributions used for qualifying expenses are tax free. In addition, contributions are considered a gift and may be excluded from the contributor’s estate.

Qualifying expenses may include:
• Post-secondary tuition, fees, books, supplies, and required equipment
• Tuition for elementary or secondary public, private, or religious school (limited to $20,000 per year)
• Room and board for at least a half-time student
• Principal or interest payments on qualified education loans (subject to a $10,000 lifetime cap)

Contributions to a 529 plan are deductible on the Ohio return subject to an annual deductible limit of $4,000 per beneficiary. Any excess contributions can be carried forward to future years. Contributions to any state plan are eligible for this deduction.

Please reach out if you have questions on how a 529 plan may impact your tax or estate plan.

01/28/2026

The One Big Beautiful Bill created a new account, called a Trump account, that provides a new investment option for children. A Trump account is a special IRA-type savings account set up for a child under 18 that allows money to grow tax-deferred until it is taken out.

Annual contributions are limited to $5,000 per year for each beneficiary before reaching age 18. By law, the funds in the account must be invested in low-risk, low-cost, index funds. Withdrawals are generally not allowed until age 18.

Once the beneficiary turns 18, the account will generally follow rules similar to other IRAs selecting investments and taking withdrawals.

Under a temporary pilot program, the government will make a one-time contribution of $1,000 to the accounts of eligible children born between January 1, 2025 and December 31, 2028. The $1,000 government contribution does not count toward the $5,000 annual limit.

A Trump account can provide an effective way to accumulate savings for your child's future, combining annual family contributions and the potential one-time government contribution, with the benefits of long-term tax deferral on earnings.

You may elect to open Trump accounts for your qualifying children with the filing of your 2025 return. You may also be able to open an account online later this year. The account will be held with the United States Treasury. However, brokerage firms are also working on being custodians of these accounts.

At this time, contributions to Trump accounts are required to be reported on a gift tax return. This requirement may change with future legislation.

Contributions cannot be made to the accounts until July 4, 2026.

This summary is informational and may change due to future tax law changes and guidance from the IRS and/or other authorities. For more information, please visit https://www.trumpaccounts.gov/.

11/18/2025

As 2025 draws to a close it is important to consider year-end tax planning. Tax law changes driven by The One Big Beautiful Bill will have impacts to tax year 2025 and beyond.

Considerations may include, but not limited to:
• Tax bracket management
• Roth conversions
• New deductions
• Itemized deduction optimization
• Gifting
• Accelerated depreciation
• Entity optimization

Careful planning before the end of the year can provide insight into actionable items to achieve desired results and help to avoid surprises once the tax deadline rolls around.