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tax updates

Year-End Tax Planning Tips for Restaurants

By / Healthy Growth Blog /

Owning and operating a restaurant can have significant perks, with a side of complexities. Mainly, understanding and forecasting taxes for restaurants, which can cause headaches among other responsibilities. Proactive tax planning is a must and should be completed prior to 12/31 of the calendar year to identify opportunities. Tax rules often change; best practice recommends business owners should understand the rules as stated currently, while being aware of potential future changes.

The ESOP 1042 Transaction Could Become More Attractive For Selling Business Owners

By / Healthy Growth Blog /

By Matt Silla, ASA, CFA | Principal October 12, 2021 The U.S. House of Representatives recently released a bill impacting both personal and corporate taxes for those above certain income levels. While the ultimate outcome of what will become law is unknown, business owners should begin to assess potential changes and what they could mean …

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Exciting News for Ohio’s Small Business Owners

By / Healthy Growth Blog /

Stimulating developments have occurred recently to reestablish important tax deductions for small business owners in Ohio. Early in June: The Ohio House of Representatives passed their version of a state budget, including an increase of $1.2 billion in business taxes. The House budget cuts personal income tax rates by 6.6% but switched tax burden to …

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Out of State Sales? Better Know What’s Changing.

By / Healthy Growth Blog /

By Taylor Lorenz, MAcc As budgets across federal, state, and local governments continue to be scrutinized, it’s becoming even more critical for these agencies to collect as much revenue as possible to operate efficiently and avoid budgetary issues.  State and local tax departments are no exception, as they increasingly are becoming more aggressive to get …

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