2013 401(k) and IRA limits adjusted
IRA limits increase for 2013 for the first time since 2008 to $5,500 per year from $5,000. 401(k) limits also rise to $17,500 starting January 1, 2013. Other inflation adjusted items are discussed in this article as well.
City of Columbus now taxes gambling winnings
With casino gambling’s recent entrance into the central Ohio area, it comes as no surprise that the City of Columbus has discovered a new tax base. This tax applies to both residents and non-residents, and for 2012 does not allow deductions for losses from gambling to offset the gambling income. Read their 2012 newsletter describing the new tax here.
The Small Business Administration provides new resource for creating a business plan
The SBA has provided a new tool to assist new and existing businesses through the process of creating a business plan. You can access the website here.
FAQ on additional Medicare tax effective 1/1/13 now available
The IRS recently published a new FAQ on the new Medicare taxes that will impact taxpayers with incomes over $250k if filing jointly, $125k if filing separate, and $200k for all others. Read through the details of this new tax here.
Experts see a decrease in the number of companies with going concern disclosures
The reasons behind the decrease are explored in this article.
Ohio returning $13 million in CAT overpayments
In a move by Governor Kasich to make Ohio a more tax-friendly state, the Ohio Department of Taxation is taking a proactive approach to CAT return errors and refunding amounts overpaid that they are aware of instead of waiting for the taxpayer to file for a refund. For information, please read the Governor’s communication release here.
