Insights

This credit is a great option for taxpayers who wish to contribute to funding primary and secondary education. For every dollar contributed up to the $750 limit, Ohio will refund the amount of the donation.

Employers across the county continue to be flooded with solicitations in the form of emails, cold calls, and articles promising large Employee Retention Tax Credit (ERC) refunds.

The Inflation Reduction Act of 2022 (“IRA 2022”) modified the current tax credits for electric and fuel cell vehicles and created new tax credits for used and commercial clean vehicles.

We are frequently asked by entrepreneurs and small business owners what business expenses are tax deductible. In general, an expense is deductible if it is related to a trade or business, it is ordinary and necessary, and it is paid or incurred in carrying on a trade or business.

Roth Individual Retirement Accounts (Roth IRAs) are an important planning and tax savings tool. If annual income is high enough to prevent Roth IRA contributions, a backdoor Roth IRA conversion can allow taxpayers to benefit from the tax advantages of a Roth IRA.

In 2022, as we continue to navigate through our new norm brought on by Covid-19, we strive to help our small business owners stay abreast of the never-ending changes.

Due to the coronavirus (COVID-19) pandemic, many businesses have employees performing their job duties entirely at home or in a hybrid combination of remote and in-office work. Over the past two years this has caused much confusion with Ohio municipal income tax withholding and other municipal tax issues.

Typically, year-end tax planning consists of accelerating deductions, delaying income, and maximizing contributions to tax-deferred accounts. While these ideas still may be beneficial for many people, the tax increases included in proposed legislation may cause some taxpayers to go a different direction this year.

Summer is ending, kids are going back to school, football season is around the corner, and we can almost smell the pumpkin spice. For small business owners, this is a great time to ponder some mid-year tax and accounting considerations.

Were you one of the tens of millions of American families to receive the first monthly installment of the 2021 Enhanced Child Tax Credit? Are you just as confused as the rest of the country as to what it is or what to do? Don’t worry; you are not alone. The questions and uncertainty have left many taxpayers feeling confused.