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…
IMPORTANT NEW TAX INFORMATION FOR CHICKASAW RESIDENTS AND BUSINESSES WITH EMPLOYEES WORKING IN CHICKASAW Effective October 1, 2022, the Village of Chickasaw will begin assessing a 1% income tax on certain types of income earned by residents of the Village, along with wages paid or income earned by nonresident individuals, and businesses that…
Inflation Reduction Act – What it Means for Your Taxes On August 16, 2022, President Biden signed into law the Inflation Reduction Act (IRA). This new law contains a few tax provisions that we believe may impact our clients. A summary of these provisions follows. Health Insurance Subsidies – The act extends through…
A Return to Normalcy Could Impact Your 2022 Tax Return 2020 and 2021 were chaotic years from an individual income tax perspective. The COVID-19 pandemic led to previously unseen levels of tax stimulus designed to put money in taxpayers’ pockets and keep our country and our economy moving. Between three rounds of…
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