Tax Archives - Page 3 of 8 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

2022 mileage rates for business reimbursements

The IRS recently released the 2022 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase every year to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate …

The Ohio Department of Taxation requires all employers issuing more than 10 W-2 Forms annually to electronically file those forms beginning with forms filed in 2022 for the 2021 calendar year. These forms will be required to be uploaded through the Ohio Business Gateway using the Simplified W-2 Upload format. To aid in this new …

The sheer amount of student loan debt individuals are graduating from higher education with has been increasingly covered in the news. While the government has been working to forgive student loan debt for certain people, there is something employers can do to help take the burden off employees and their tax liability. In addition to …

The COVID-19 pandemic caused many families to rethink their child care situation. Nannies became a popular choice for many, as they decreased the risk of sending children to child care centers and provided the benefit of helping those same children through online schooling while their parents worked. As the pandemic has ebbed and flowed, nannies …

Tax compliance is an essential aspect of any business, with sales and use tax making up a large portion of overall tax requirements. However, sales and use tax can get complicated very quickly as each state and local tax has its own rules and nuances. With increased connectivity and remote capabilities, it has become easier …

Are you hiring? Have you considered the Work Opportunity Tax Credit? Don’t go it alone, call us. A lot of businesses are hiring right now and it pays to consider the Work Opportunity Tax Credit (WOTC). The credit has been extended through 2026 and employers shouldn’t overlook this credit. There are strict certification requirements established …

Earlier this year, the American Rescue Plan (ARP) was announced, including some temporary updates to the child tax credits available for many parents. Under the ARP, eligible parents of dependent children can take a tax deduction of up to $3,600 per child, depending on the child’s age and household income. Part of this tax deduction …

Buying property and selling after it’s appreciated is a wealth-building strategy that has been around for centuries. It’s even better if that property can make you money, say through rental income. If you’ve been considering allowing short-term vacation rental contracts for your properties, or if you’re already allowing them, keep reading. The following article will …

Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. Approximately 14 percent of Americans own at least one share of virtual currency. Therefore, it’s essential to understand the tax implications …

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related entertainment expenses. Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for …