Health Savings Account: IRS Releases 2021 Amounts

Health Savings Accounts for 2021 Recently the IRS released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). Health Savings Account Basics A HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” A HSA can only be established for the benefit of an…

Tax Breaks for Businesses and Employers

New law provides a variety of tax breaks to businesses and employers While you were celebrating the holidays, you may not have noticed that Congress passed a law.  With a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20,…

Unemployment Tax Costs of Your Business

Understanding and controlling unemployment tax costs As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA…

Ohio Income Tax Update

Ohio Income Tax Changes Resulting from Budget Agreement by:  James Komos, CPA, CFP and Matt Laubscher Ohio’s substantial, $69.8 billion biennial budget bill was recently signed into law. The final impact is favorable to almost all Ohio taxpayers. This differs from some of the initial proposals, where there was a broader mix of winners and…