Posts by Colleen Minnich

2022 Retirement Contribution Limits

Do you want your golden years to be golden years? Increase your retirement contributions — save now so you can play later. The IRS has raised some contributions limits, so this may help you sock more away for your future. Here are some of the key figures: Phase-out ranges: The income ranges for determining eligibility […]

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Don’t Lose Out on a Valuable Payroll Tax Credit

The Employee Retention Tax Credit was created to encourage employers to continue to pay their employees during the pandemic.  This credit which as the result of the CARES act, provides qualifying employers a payroll tax credit on wages paid to employees.  The potential credit can be up to $5,000 per employee in 2020 and up […]

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Understanding Employee vs. Independent Contractor

A common question we have heard from employers is how do I determine if a person I hired should be considered an employee or an independent contractor. It is important to classify the individual correctly, as there can be significant penalties assessed by the IRS if a worker is classified incorrectly. Here is an article […]

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IRS “Let Us Help You” Page

Need some information from the IRS? There is a Let Us Help You page on the IRS.gov website that includes links to information and resources on a wide range of topics. The topics include: Advance Child Tax Credit – there have been multiple changes to the Child Tax Credit for 2021. The link provides information […]

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New Ohio Business Grant Applications Open June 29, 2021

On June 29, 2021, the Ohio Development Service Agency began accepting applications for four new grant programs designed to help small businesses impacted by the pandemic. 1 – Food & Beverage Establishment Grant: This grant provides up to $30,000 to restaurants, bars, coffee shops and other food and drinking businesses affected by the COVID Pandemic. […]

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Updates to Child Tax Credit – FOR 2021

With the passage of the American Rescue Plan comes changes to the Child Tax Credit for 2021. There are several elements to the changes for this credit. Maximum credit – The maximum credit in 2021 is $3,600 for children under the age of 6 and $3,000 for children ages 6 through 17.  This increased from […]

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Ohio – Unemployment Compensation Exclusion

If you received unemployment compensation and you qualify to exclude up to $10,200 of these benefits on your federal tax return, you will be able to exclude the same amount on your Ohio tax return. If you filed your federal and Ohio tax returns without claiming the unemployment benefits deduction and you are entitled to […]

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Unemployment Compensation Exclusion

On March 11, 2021, the American Rescue Plan was signed into law.  Included in this plan was a provision that exempted up to $10,200 of unemployment benefits for eligible taxpayers(a).  For those taxpayers who qualify for this unemployment exclusion, but filed prior to the enactment of the American Rescue Plan, the IRS has asked taxpayers […]

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Second Round of Payroll Protection Program Funds

The SBA and the Treasury have released the new application for a second draw from the Payroll Protection Program (PPP). Form 2483-SD – PPP Second Draw Borrower Application Form is for applicants who received the first round and wish to apply for a second loan. To be eligible for a second round of the PPP […]

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More Stimulus

Use this link on the IRS website to look up information on your Economic Impact Payments (aka Stimulus payment). This will show you the date each of the 2 Stimulus payments was scheduled to be issued to you and if was done by mail or direct deposit. The information is updated once her day overnight.

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