Brixey & Meyer Blog

Businesses that use a car or other vehicle may be able to deduct the expenses of operating that vehicle on their taxes. Generally, a business can use one or two methods to figure their deductible vehicle expenses:

Topics: brixey and meyer, ohio, Tax, Tax Team, Steve Hood, Vehicle, Deductions

Summary

California, New York, Texas, and Washington D.C. have recently adopted economic nexus thresholds for sales and use tax collection purposes. California and D.C. adopted South Dakota’s thresholds, which were the subject of the U.S. Supreme Court’s decision in South Dakota v Wayfair, decided on June 21, 2018. Texas promulgated a rule requiring remote sellers to collect sales tax, unless the remote seller meets Texas’s safe harbor exemption. And, most recently, New York indicated that it would begin enforcing a rule that has been on its books since 1989.

Topics: brixey and meyer, ohio, Tax, Tax Team, Wayfair, California, New York, Washington D.C., Virginia, Nexus, Texas

The Ohio Senate unanimously passed Senate Bill 8 on April 3, 2019. If enacted, the bill will create a 10% tax credit against the Ohio income tax for Opportunity Fund investments. The maximum amount of credits allowed by Ohio for a two-year period is $50 Million, with a per applicant cap of $1 million. This credit should also available to investors that do not have capital gains to invest. Investors would apply for credits between January 1 and February 1 each year, and the credits are non-refundable but can be carried forward for five years.

Topics: brixey and meyer, ohio, Tax, Tax Team, Kari Brooke, Tax Credit, Opportunity Zone

The biggest thing you hear in the news today is that individuals are getting lower refunds on their 2018 Returns compared to prior years. 

Topics: brixey and meyer, Tax, Tax Team, tax reform, Steve Hood, New Year, 2018, 2018 Tax Return

Marked by turbulent trade conditions, a shifting retail landscape, continued fallout over tax reform and the accelerated growth of coworking companies, 2018 was an eventful year for the real estate and construction industries.

A variety of forces are at play in 2019. The IRS will continue to release additional guidance on provisions introduced via tax reform, the future of the U.S. trade policy is uncertain and interest rates will likely rise again. 

Topics: brixey and meyer, Tax, Tax Team, tax reform, New Year, 2019, Real Estate, Construction

Well, the nation’s largest tax conference reared its informative head again at the end of January. It was time to talk about tax reform, the new Ohio tax administration, Wayfair and, of course, the taxability of Cincinnati Reds’ bobbleheads (again). I am one of those people who loves to learn, see old friends and meet new people so this is an enjoyable event for me.    

Topics: Takeaways, brixey and meyer, ohio, Tax, Tax Team, Tax updates, New Year, Wayfair

Beavercreek is stepping into the future and plans to offer new incentive programs in an effort to attract and retain growing businesses. The economic development tools the City wants to implement this year could bring many new jobs and greater investment to the City. 

Topics: Takeaways, brixey and meyer, dayton, Tax, Tax Team, Tax updates, New Year, Beavercreek

 The Internal Revenue Service issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, New Year, Mileage

The reality of tax reform and its effects on current year income and deductions will soon be evident as we move into the 2018 tax filing season. Though questions remain, there are steps which can be taken prior to year-end to take full advantage of the new provisions and avoid some of the pitfalls. We've compiled some of those steps for both individuals and business owners.  You can download those below. 

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, Manufacturers

Background on South Dakota vs. Wayfair

Earlier this summer, the U.S. Supreme Court ruled in the landmark case South Dakota vs. Wayfair that the "physical presence test" for determining if a seller is required to administer sales taxes is “incorrect.” States may now legally require sellers to administer sales taxes, even if the seller has no in-state physical presence.

The case is a momentous development in the debate over the digital economy’s responsibility for the collection of sales tax. As companies increasingly conduct business across state lines, how states and the federal government craft tax legislation that addresses the evolving definition of “nexus” significantly impacts all taxpayers—including manufacturers.

While many states offer manufacturers generous sales tax exemptions on certain equipment and machinery purchases, the industry is now faced with new sales/use tax rules that impact both purchase and sale transactions. The Wayfair decision has important business implications manufacturers can’t afford to ignore—lest they wind up with a hefty tax bill they didn’t plan for.

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, Manufacturers