On Dec. 20, 2017, Congress passed the most significant tax reform act in over 30 years. Business owners have been clamoring for this type of reform, but now that it’s passed, what does it mean? Who wins and who loses?
The National Association of Professional Employer Organizations produced a comprehensive 40-page breakdown of the tax bill. Don’t have the time, stomach, or patience to read it? I’ll touch on a few of the highlights.
When you’re a small business owner, your schedule is never empty. Each year contains several important deadlines that you need to follow to keep your business compliant with important laws and regulations involving your company’s finances and employees. Just a single missed date can lead to problems with the IRS or other government agencies.
Keeping track of all these dates as well as everything else you need to do as a business owner can be difficult. We’ve put together a list of critical dates you need to know to keep your business legally compliant.
Effective September 1, new withholding tables will result in increased take-home pay for Ohio workers. Governor Kasich’s plan will lower the income tax rates 10% over the next three years with a majority of the decrease coming in 2013. In addition to the lower payroll withholding rates, small businesses will see tax savings of up to 50%. And while that’s great for payroll and businesses, Ohio will also see an increase in sales tax by .25%.
A brief description of the withholding rate change was released by Tax Commissioner Joe Testa on August 26th, and can be found at: http://www.tax.ohio.gov/Portals/0/communications/news_releases/NR_TaxWithholdingCut.pdf.
The Department of taxation released an update of the sales rates on their website at: http://www.tax.ohio.gov/sales_and_use/rate_changes.aspx.
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