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401k & 403b Table

2017 Ohio's minimum wage

The state minimum wage will increase by 5 cents next year to adjust for inflation.Officials say non-tipped workers must be paid an hourly wage of at least $8.15 beginning Jan. 1, 2017. Tipped workers are slated to receive a minimum of $4.08 an hour starting next year — a bump of 3 cents.The rising minimum wage reflects an increase in the Consumer Price Index, which rose 0.7 percent during the past year.

Year End Tax Planning Considering Election Results

Those middle and upper income taxpayers, who are betting President-elect can deliver on election promises, and put his tax reduction plan in place for 2017, should revisit their year-end tax moves to make the most of what might be windfall savings next year.Defer income to 2017. The Trump tax plan would feature three tax brackets instead of current law's seven, and a top tax rate of 33% instead of current law's 39.6%. The upshot of these and other tax-reduction changes, if retained in th...

Year-End Tax-Planning Tips for Individuals

Accelerate Deductions and Defer IncomeIt sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income.

2017 Income Tax Refund Schedule

The IRS will start processing most returns on January 24, but will not start processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15, 2017.The IRS will begin processing tax returns on January 24, 2017, for taxes paid/owed in 2016. In general, the IRS says that returns with refunds are processed and payments issued within 21 days.

Year-End Tax-Planning Tips for Businesses

It's not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here's a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code.Pass-Through Entity Income and ExpensesIf your business operates as a sole proprietorship, S corporation, limited liability company (LLC) or partnership, your share of the net income generated by the business w...

Back To School: FAFSA

If you’re heading to college, or have a child heading to college, chances are that you’ve been asked to fill out a Free Application for Federal Student Aid, or FAFSA. The filing season for the 2017-18 school year starts October 1, which is three months earlier than previously. The U.S.

The Multiple-Employer Tax Withholding Shortfall

For dual income earners, both singles and married couples, they believe they are withholding the correct amounts based on their earnings, but they still owe money. There is a blind spot in their calculations.Most people do contemplate the impact of additional sources of income into the family unit, whether from a second job, a new job, or the employment of a spouse. The withholding tables assume that the individual being paid is the only wage earner in the family unit and the wages are the only ...

New Overtime Rules

On December 1, 2016, the minimum salary threshold for The Fair Labor Standards Act (FLSA) white-collar exemptions increases to an annual $47,476, which increases the number of employees to whom you must pay overtime if they work more than 40 hours in a week.In May 2016, the Department of Labor (DOL) published its Final Rule updating the overtime regulations. The Final Rule defines which white collar workers are protected by the minimum wage and overtime standards of the Fair Labor Standards Act....

BWC Prospective Billing System

With the switch to prospective billing, BWC will require payment before it provides coverage.For July 1, 2016, private employers will be given a bi-monthly (six installment) payment schedule, with the option to select a different plan by May 15. If you are a minimum premium payer ($120 plus assessments), you must pay in one installment.Employers will have the following options:Monthly (12 installments);Bi-monthly (six installments);Quarterly (four installments);Bi-annually (two installments);Ann...