For big corporations, having a team of lawyers, accountants, human resources and financial advisors is expected. Small business owners and young entrepreneurs that have cash flow issues are tentative about having to part with more cash and hire an accountant or tax professional for their business. But, when it comes to dealing with the IRS, state and local authorities, having a tax professional can save you more than you will be spending by using his services. Fines and penalties for filing late, filing incorrectly, or not filing all the forms can add up and cost your business thousands of dollars in the long run. Tax laws change yearly, and deductions and tax breaks that your business may be entitled to can go unnoticed and unclaimed by your business. Have an accountant or tax professional to help your business this year. For more information about business taxes, follow the links below.
Ohio Small Businesses Misinformed About Tax Deduction
Republicans including Gov. John Kasich have promoted tax deduction as a way to help small businesses expand. Owners could take a 50 percent tax deduction on up to $250,000 of income for 2013. But according to The Columbus Dispatch, just 379,000 business filers took the tax deduction as of Oct. 19. That’s roughly half of the 717,000 filers the state’s Department of Taxation anticipated when the Republican-dominated Legislature passed the tax break in June 2013.
The newspaper reports that those business filers saved $287 million in income tax. That’s below the $533 million in projected savings. It appears however that it’s too early to say why the numbers didn’t match the expectation.
The average filer – those entities whose profit and income are one in the same – saved about $760. Most claimed the deduction on less than $40,000 worth of business income, providing average tax savings of less than $150. A fraction had incomes topping $180,000, with an average savings of nearly $6,000.
Tax deduction for Ohio small businesses not taken as frequently as state anticipated
COLUMBUS, Ohio – A tax cut for small business-owners has not been claimed as frequently as expected.
Republicans including Gov. John Kasich (KAY’-sik) have promoted the tax deduction as a way to help small businesses expand. Owners could take a 50 percent tax deduction on up to $250,000 of income for 2013.
The Columbus Dispatch reports (http://bit.ly/12sKGkZ ) that just 379,000 business filers took the tax deduction as of Oct. 19. That’s roughly half of the 717,000 filers the state’s Department of Taxation anticipated when the Republican-dominated Legislature passed the tax break in June 2013.
The newspaper reports that those business filers saved $287 million in income tax. That’s below the $533 million in projected savings.
Ohio small businesses paid way more income taxes than they had to last year
Ohio small businesses paid hundreds of millions of dollars in income taxes they didn’t have to, according to a story in the Columbus Dispatch.
Last year, Ohio business owners could receive a 50 percent tax deduction on up to $250,000 of income.
About 379,000 tax filers took the credit out of the 717,000 filers the state’s tax department thought could do so.
Those businesses saved $287 million of the $533 million the state believed could be saved.
Northeast Ohio is key hub for nation’s manufacturing push
Northeast Ohio is leaving a mark on some national initiatives to advance manufacturing.
President Barack Obama last week announced plans to invest $100 million in an apprenticeship grant competition, $130 million in a competition that will help small manufacturers take on new technology, and more than $300 million in the advanced materials, advanced sensors and digital manufacturing technologies.
The University of Akron played a sizable role in identifying the priorities behind those announcements as part of the Advanced Manufacturing Partnership 2.0.
But that’s not the only connection Northeast Ohio has had to the national manufacturing conversation of late, as the CEO of Kent Displays Inc. — the company that makes the Boogie Board e-writer — recently completed an appointment as the co-chair of the subcommittee on innovation, research and development on the U.S. Department of Commerce’s Manufacturing Council.
