With individuals and businesses coping with the impact of the COVID-19 pandemic and some new tax laws going into effect, you probably have questions about tax planning this year. To save the most on your 2020 taxes, you need to be familiar with the changes and how you may need to adjust your tax planning […]

The end of the year is fast approaching. Before we get caught up in the celebration of the holiday season, we want to remind you of the required tax reporting and withholding requirements for health insurance premiums paid by an S Corporation on behalf of more than 2 percent shareholder-employees. The premiums paid are reported […]

With the dropping temperatures, fall is now upon us. As the holiday season fast approaches, we are reminding you about the tax reporting required for personal use of company provided vehicles. The value of fringe benefit must be reported on the employee’s Form W-2. Law Any fringe benefit provided to an employee is taxable to […]

On November 2nd, beginning at 10am, Ohio is offering a $10,000 small business grant to assist businesses hurt by COVID-19. Each Ohio county is limited to awarding 50 grants so these will go fast. The grants are awarded on a first-come, first-served basis. Are you eligible? Do you have a physical location in Ohio and […]

Due to the COVID-19 pandemic, the subject of payroll has been focal point for business owners this year. During these times employees have been laid off, furloughed, and sometimes rehired. With the pandemic also came crisis relief for eligible businesses including the Paycheck Protection Program and the payroll tax credit. Payroll recordkeeping was important in […]

When a couple is going through a divorce, taxes are probably the last thing on their minds. While divorce is never a pleasant experience, without proper planning and advice it can be even more of a headache. Here are four issues that should be addressed to ensure taxes are kept to a minimum and that […]

When setting up a new business, you might consider setting up a retirement plan for yourself and employees. There are various options for qualified plans that are eligible for the below tax advantages. Tax advantages include: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of […]

As we approach the time to close the books, taking a look at your inventory is an item that to needs to checked off your year-end checklist – or added to. The pandemic may have your attentions elsewhere, however, the way you manage and track your inventory could impact your financial statements greatly. Cut back […]

Investing in and selling mutual funds is a great way to pocket money, however, there are some rules and consequences you need to be aware of before you do so. Surprise Sales, Recordkeeping, Timing Purchases and Sales and Identify Shares You Sell. Surprise Sales You may already have made “taxable sales” as part of your […]

The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% for Social Security and 1.45% for Medicare). For 2021, the Social Security tax rate is 6.2% […]