The IRSand the Treasury released guidance Thursday April 8, 2021 on a temporary exception to the 50% limit that businesses can deduct for food or beverages from restaurants during the pandemic.
After months of negotiations, Governor Mike DeWine signed Ohio's FY 2020-2021 general operating budget, and the following are a few key points that may impact you or your business:
The Ohio House is pursuing a significant change to Ohio’s Business Income Deduction currently benefiting owners of Ohio pass-through entities. The current Business Income Deduction provides great tax benefits for business owners; however, it is costing the state approximately $1 Billion in revenue.
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: