Tax advantages of hiring your child at your small business
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business […]
Category: Tax
ARPA: Unemployment Partially Excluded from Income for Some Taxpayers
A little-reported provision of the American Rescue Plan Act of 2021 (ARPA) – Unemployment Benefits Received in 2020 May Be Partially Excluded from Income for Some Taxpayers Many Americans found […]
Need a new business vehicle? Consider a heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from […]
New Ohio Tax Conformity Bill Passes
Big tax news out of Columbus on March 24th. Ohio Legislature approved a tax conformity bill and voted to move the tax deadline to May 17th. Both items await Governor […]
Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for […]
Business highlights in the new American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are […]
Launching a small business? Here are some tax considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. […]
Work Opportunity Tax Credit extended through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a tax credit for hiring individuals from one or more targeted groups. Employers can qualify […]
Running a Business From Home? Get Home Office Tax Deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to […]
Ohio Urging Victims of Unemployment Fraud to Act Now
The Ohio Department of Taxation (ODT) released a statement warning Ohio residents, who may have been the victims of unemployment fraud because of identity theft, to report it or they […]
What Are the Tax Implications of Buying or Selling a Business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If […]
Many Tax Amounts Affecting Businesses Have Increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction […]
