Are you eligible to claim a home-office deduction?
Running a business from your home could save you taxes! Before you go through all of the trouble of filing out IRS Form 8829 consider whether the home office deduction is worth it or not. To help make that consideration you must pass the 4 question test: Is the home office used in a [...]
FLASH! REBATE, REBATE, REBATE, TAX DEDUCTION TOO!!!
Exciting news about First Energy’s rebate incentive program that affects businesses all over Northeast Ohio who receive their power from Ohio Edison or The Illuminating Company. Although the program has been around since Spring of 2011 and has been reduced, because of the response it still is attractive. T5 and T8 lighting technology, which have [...]
Ohio Minimum Wage Set to Increase on January 1, 2012
Ohio’s minimum wage is scheduled to increase on January 1, 2012 to $7.70 per hour for non-tipped employees and to $3.85 per hour for tipped employees, plus tips. Ohio’s current minimum wage is $7.40 per hour for non-tipped employees and $3.70 for tipped employees, plus tips. On January 1, 2012 the increased minimum wage will [...]
BWC “Grow Ohio” Program to Lower Workers’ Comp Rates for New Employers
COLUMBUS – The Ohio Bureau of Workers’ Compensation (BWC) Board of Directors has approved the creation of Grow Ohio, a program targeted toward job creation by lowering workers’ comp costs for employers new to Ohio. The program could reduce premiums by as much as 51 percent for employers new to Ohio since July 1. “Grow [...]
Intercompany Management Fees – The Need For Proper Documentation
The IRS had disallowed over half of the management fees paid between two related entities. Now the Tax Court has agreed per T.C. Memo 2011-236. A taxpayer owned trucks in a single member limited liability company (LLC) and leased them to his wholly owned corporations. The corporations paid a flat monthly fee to the LLC. [...]
