Unraveling the Mystery of Form W-4 With all of the tax forms out there, keeping them straight can be a challenge. So, when your employer hands you a W-4 form to fill out what should you do? A W-4 is an IRS tax document that employers use to calculate how much tax to withhold from…
New Expanded Ohio Sales Tax Holiday Tuesday July 30th through Thursday August 8th With the July 4th holiday behind us once again, the focus of many families shifts to Back to School. As it has done in recent years, the State of Ohio will once again have a “sales tax holiday,” when the purchase of…
Important Information for Businesses Regarding the Corporate Transparency Act As you may be aware, the Corporate Transparency Act (CTA) became effective as of January 1, 2024. Under this new law, many small businesses must report Beneficiary Ownership Interest (BOI) information to the Financial Crimes Enforcement Network (FINCEN). This entails a requirement that “reporting companies” submit…
Data Privacy – 10 Tips to Keep Your Data Private Create Strong Passwords The days of using the word password or your name as your password are long gone. To help ensure your passwords are secure, at a minimum use the “8-4 rule”. This means use at least 8 characters with 4 variations such as…
Social Security Wage Base – $168,600 – this is the amount of income that social security tax is required to be paid upon. This increased by 5% from 2023. HSA Contribution Limits Single: $4,150 Family: $8,300 An additional $1,000 contribution can be made for each individual aged 55 or older. IRA and Roth Contribution Limit…
IMPORTANT CHANGES FOR CLIENTS THAT ARE LOGGING IN TO NETCLIENT CS CLIENT PORTAL We have recently received notification from Thomson Reuters about upcoming changes to how you will login to the NetClient CS Client Portal. These changes are effective Friday, November 17th. It is the intent of Thomson Reuters that these updates will improve your…
Changes coming to the Ohio Commercial Activity Tax As a result of the Ohio Budget bill passed earlier this year, businesses will see changes to the Commercial Activity Tax (CAT) beginning with the calendar year 2024. Under the current rules, all businesses with more than $150,000 of sales but less than $1 million in…
The Sun is Beginning to Set on Some Depreciation Tax Provisions The Tax Cuts and Jobs Act of 2017 (TCJA) is one of the most significant pieces of tax legislation in the last 25 years. Passed in November 2017 and effective January 1, 2018, this legislation was designed to simplify individual tax rules, while also…
Numbers to Remember for 2023 Social Security Wage Base- $160,200 – this is the amount of income that social security tax is required to be paid upon. This increased by almost 9% from 2022! HSA Contribution Limits Single: $3,650 Family: $7,300 An additional $1,000 contribution can be made for each individual aged 55…
STUDENT LOAN FORGIVENESS APPLICATION OFFICIALLY LAUNCHED On August 24th, the Biden Administration announced its plan to forgive up to $10,000 of federal student loan debt for borrowers that meet certain income limitations. While this initiative was implemented through executive action and is already being subjected to legal challenges, the application to request this loan…