Tax Breaks for Employer-Paid Education Expenses

Are your employees interested in pursuing work-related education or even an advanced degree? Businesses that invest in their employees' education can upskill their current workforce, boost morale and build loyalty among workers. Plus, it can be a tax-smart move. Here's an overview of the two primary options for offering it as a fringe benefit or setting up an educational assistance program.

Read More

Important Tax Figures for 2024

The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 20242023 Social Security Tax Wage Base $168,600$160,200 Medicare Tax Wage Base No limitNo limit Employee portion of Social Security 6.2%6.2% Employee portion […]

Read More

Federal Tax News for Business

1. Be on the lookout for tax season scams! 2. New Form 1099-K reporting delayed 3. New rules for employee participation in 401(k) plans 4. Don't fail to report cash transactions 5. Controversy surrounds Employee Retention Credit

Read More

Is an ESOP Right for Your Business?

Employee stock ownership plans (ESOPs) often are used by owners to help exit their business. But they're not right for every company. Here are the basics on how these tax-advantaged retirement plans work, along with pros and cons to consider before establishing an ESOP.

Read More

Federal Tax News for Individuals

1. New 401(k) contribution limits for 2024 2. Check your withholding while there's time 3. Tax benefits for child adoption 4. Be charitable and collect tax benefits with your IRA 5. Don't fall for charity scams

Read More

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

Small business owners still have time to reduce their federal income tax bills for this tax year. Here are five tax-smart moves to consider between now and year end. The good news is it appears there won't be any significant unfavorable federal tax changes that will take effect next year, which simplifies year-end tax planning for 2023.

Read More
BKR International logo.
Ohio Oil & Gas Association logo.
NACVA logo.
The Ohio Manufacturers' Association logo.
AICPA logo.
Team neo Cleveland+ logo.