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    Brixey & Meyer Blog

    YES! We're Open | Tax Filing Season is Officially Open

    Posted by Miranda Hawk on Jan 20, 2016 9:43:46 AM

    Both the IRS & the state of Ohio opened their doors to taxpayers wanting to file their 2015 income tax returns. As the doors opened, Joe Testa, OH Tax Commissioner,  stated this year's income tax filing process will introduce Ohio taxpayers to a number of changes. These changes were designed to lower tax rates, simplify the filing process and further reduce tax fraud.

    Don't feel like you have to learn all these changes, that's our job!  We're just an e-mail or phone call away.

    If you'd like to learn more, here are a few of the changes:

    • Tax cuts for individuals of 6.3% pushing rates lower than they've been in 30 years
    • Small business tax cuts through the new Business Income Deduction which allows a 75 percent deduction on the first $250,000 of business income, and modified tax rates on any remaining taxable income with a maximum rate of three percent
    • Tax forms changed; combined into 'universal' forms (both individual and school district income tax forms)
    • An income cap for certain retirement tax credits
    • Additional requirements for verifying dependents to guard against tax fraud
    • Improvements to the ID Confirmation Quiz that will make it more user friendly and reduce the number of people directed to take the quiz to verify that their return is authentic.

    For additional information on these and other changes, please visit the department's web site - tax.ohio.gov 

    If you'd like to learn more information on how we can help you, feel free to fill out the form below. We will be in contact soon!

     

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    Topics: Tax Planning

    President Obama Signs the PATH Act of 2015

    Posted by Jeff Kujawa on Dec 21, 2015 10:42:37 AM

    President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015, which extends or makes permanent many expired provisions retroactive to January 1, 2015.  Permanently extended: Section 179 deduction up to $500,000 and R&D tax credit; 5 year extension: 50% bonus depreciation and WOTC.  See article for full details of all provisions.

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    Topics: Tax Planning

    State & Local Tax Alert: Ohio Legislation Includes Updates to Job Creation and Retention Tax Credits

    Posted by Jeff Kujawa on Aug 24, 2015 1:34:59 PM

    Ohio Amended Substitute House Bill 64 ("HB 64") was signed into law June 30, 2015. The bill will cause significant changes to the Ohio Job Creation Tax Credit ("JCTC") and the Ohio Job Retention Tax Credit ("JRTC"). The bill becomes effective September 29, 2015.

     HB 64 will significantly change JCTC and JRTC calculations for agreements approved by the Ohio Tax Credit Authority (“TCA”) before and after January 1, 2014. Calculations in agreements approved post-December 31, 2013, will now be focused on annual Ohio employee payroll rather than Ohio income taxes withheld. Impacted taxpayers are able to amend agreements to reflect the new payroll based computation method. The tax credit percentage awarded will be revised to account for the change from income tax withholding to employee payroll. Calculations in JCTC agreements approved pre-January 1, 2014, will be adjusted per a withholding factor discussed below. There will be changes to the annual report filed with Ohio Development Services Agency for the 2015 reporting period.


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    Topics: Tax Planning