Manufacturing

IRS Releases 2012 Optional Standard Mileage Rates

The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2012 standard mileage rate remains at 55.5 cents per mile for business uses, is reduced…

6
Dec

Opportune Time for Estate and Gift Planning

The federal estate, gift and generation-skipping transfer (GST) tax rules approved by Congress in December, 2010 are in effect during 2011 and 2012 only.  The Treasury Department announced in February 2011 that President Obama’s 2012 budget proposals presume several important changes in the rules that will take effect on January 1, 2013.  In “General Explanations…

Three Percent Withholding and Job Creation Act

President Obama Signs Act Eliminating Three Percent Withholding Requirement and Enhancing Incentives for Hiring Veterans

On November 21, 2011, President Obama signed the Three Percent Withholding and Job Creation Act (Act) into law. The law repeals a requirement that 3 percent of payments be withheld by federal or state governments to any person for services…

18
Nov

InvestOhio Credit Brings Opportunity

New program provides significant tax credits for qualified business investments

The state of Ohio announced this week that registration for the InvestOhio tax credit program will begin Monday, November 14 at 8 a.m. Only $100 million in credits will be awarded for the period of July 1, 2011 – June 30, 2013 and they will…

October 12 , 2011 | Posted by Gwen DiMeo |

Get an Early Start on Planning

As we rapidly approach the end of the year, it is impossible to over emphasize the importance of tax planning.  Taxpayers are always looking for savings opportunities during March and April, but many opportunities for tax reduction rely on planning and strategy throughout the year.  With the year already more than half over, time is…

January 15 , 2011 | Posted by Mike Hawkins |

Time to Revisit General Business Credits

In the fall of 2010 Congress radically changed the way that general business credits can be applied for small businesses.  General business credits include the research and development tax credit, the work opportunity credit, the low-income housing credit and many others. In recent years many companies and individuals that qualified for credits were unable to utilize them due to the…