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…

Where Did My Tax Deductions Go?

Some deductions may be smaller (or nonexistent) when you file your 2018 tax return The Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks. It also limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five you may see shrink or…