On Thursday, July 1, 2021, Governor Mike DeWine signed Am. Sub. House Bill 110 (HB 110) into law. Namely, the budget:Provides 2021 municipal income tax guidance to employers and remote workers;Exempts employment labor services and employment placement services from sales tax;Reduces personal...
Read MoreWith Ohio Commercial Activity Tax (CAT) audits on the rise, it’s a good time for taxpayers to revisit their CAT group elections to determine whether or not it’s time to make a change.What is the Ohio CAT?The CAT is an annual privilege tax measured by gross receipts delivered within...
Read MoreNew Jersey is launching a compliance initiative that will allow members of combined filing groups who owe New Jersey state tax from periods prior to 2019 to voluntarily come forward with reduced consequences. If non-filers participate in the program — running June 15, 2021, through October...
Read MoreNew York passed its 2021-2022 budget bill, a $212 billion dollar spending package that primarily increases taxes on high earning individuals and businesses. Below are the five areas affected taxpayers need to consider.1. Three New Tax Brackets for IndividualsNew York will increase tax rates on...
Read MoreThe governor of Illinois has signaled his support for the state’s 2021 Budget Bill, a $42 billion dollar spending package. While the bill does not increase personal income tax rates, it does effectively increase taxes on businesses and their owners by closing several “tax loopholes...
Read MoreWith the recent signing of the Senate Bill 18 (SB 18), or the Ohio Conformity Bill, the state has made some noteworthy changes for taxpayers.1. State Individual Extension ConformityOhio has postponed the filing deadline for state tax returns to May 17, 2021, following the federal government&rsquo...
Read MoreThe first two parts of this series on advanced 529 plan strategies focused on shorter term strategies to maximize the tax efficiency of these accounts. The third strategy is focused on long-term tax efficiency by passing down 529 plan assets to your heirs.The beauty of 529 plans is that they grow...
Read MoreIn Part 1 of this series on advanced 529 plan strategies, we discussed creating a state tax deduction for private elementary and secondary school tuition under the new tax law for 2018. This change in the tax code is also the driving force behind strategy number two.To recap, in 2017 and prior...
Read MorePosted by Jessica Bender
Read MoreNow that the holiday season is behind us, it’s time to make some progress on those New Year’s resolutions to improve your control over your personal finances. This article is the first in a three part series focused on saving for college through 529 plans. Most are familiar with these...
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