Understanding your eligibility for tax credits is an essential facet of income tax planning. Unlike deductions, which reduce your tax owed as a percentage of the deduction multiplied by your marginal tax rate, tax credits reduce your tax owed on a dollar for dollar basis. Given the choice between a tax deduction and a tax …
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Have you ever thought, I know we made more money than our statement shows, or I know we don’t owe that much in taxes; we never have any money! These moments of confusion are usually the result of either an assumption that your data is accurate, or a misunderstanding of how financial statements work. There …
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The Taxpayer First Act (the Act) of 2019 was signed into law on July 1, 2019. The bill, having gone through a few changes on its way to the president’s desk, passed with bipartisan support – a rare thing in Washington these days. The law aims to reform the Internal Revenue Service (IRS) by making …
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The Tax Cuts and Jobs Act (TCJA) made many changes to the Internal Revenue Code. While many were widely discussed, businesses should know other provisions that may affect the taxable income computations on federal tax returns. Gross Receipts Test More small businesses will be eligible to use the overall cash method of accounting since the …
Read More...There has been some recent legislation that significantly changes Ohio income tax laws for the 2019 tax year. We’ve summarized the changes that impact most individuals. All income tax rates have been reduced by 4%. The lowest three brackets are combined into one zero bracket. So taxpayers with taxable nonbusiness income of $21,750 or less …
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Employers can minimize their compliance and audit risks by meeting the recordkeeping requirements of the Internal Revenue Code (IRC). The IRC requires all employers that withhold and pay federal income, Social Security and Medicare taxes to maintain certain records for each employee. Failing to meet these recordkeeping requirements can mean big penalties, not to mention …
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The construction industry is enjoying a time of robust growth. According to FMI, Total construction put in place estimates for the U.S. project positive momentum in the top three categories, residential, non-residential, and nonbuilding structures, over the next 5 years Top-performing segments (+5% or more) include office, educational, public safety, transportation, manufacturing, highway and street, …
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Payne Nickles & Company, CPAs is proud to announce the scholarship winners for the 2019-2020 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any second, third, fourth or fifth year accounting major in Erie, Huron or …
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Navigating retirement planning can be challenging but it is crucial especially as life expectancy in the U.S. steadily increases. To address the need for our wealth to finish the race with us, the House recently passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This legislation, receiving almost unanimous bipartisan support, offers the …
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Under the new tax law, a vehicle provided to an employee for personal use is subject to income tax obligations. Personal use of a company car is considered a noncash fringe benefit that is taxable. If an employer provides an employee with a vehicle that is available for business and personal use, the value of …
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