Ohio Minimum Wage Increased January 1, 2013
Ohio’s minimum wage increased on January 1, 2013 by 15 cents to $7.85 per hour for non-tipped employees. Tipped employees wage increased 8 cents to $3.93 per hour, plus tips. The increased minimum wage applies to employees of businesses with annual gross receipts of more than $288,000 per year. Follow this link for an updated [...]
Why You May Want to Incur Medical Expenses Before Year End
Currently, if your eligible medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct the excess amount. But in 2013, the 2010 health care act increases this “floor” to 10% for taxpayers under age 65. Eligible expenses can include health insurance premiums, medical and dental services and prescription drugs. Expenses that are [...]
Payroll Tax Cut Extension 2012
On the evening of Feb. 22 at the White House, President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630. On Feb. 23, the IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, to reflect the extended payroll tax cut. The act extends the [...]
Health Care Reform: New W-2 Form Reporting Requirements
The IRS has announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan, making the reporting by employers optional for the 2011 tax year. The IRS issued a draft Form W-2 for 2011, which employers will use to report wages and employee tax [...]
Repeal of Expanded 1099 Requirements
Well it seemed to take forever, but Congress finally acquiesced and repealed changes to information reporting on Form 1099. There were two different legislative changes to extend reporting of payments made to companies and individuals. These changes were to “create” revenue supposedly by making people more honest. First, in March 2010, the Patient Protection & [...]
