Neilley & Co. CPAs Inc.

Neilley & Co. CPAs Inc. Neilley & Co. CPAs optimizes your business's financial performance and ensure tax compliance.

Clean Vehicle Credit for 2023 and Beyond!For some years now, there has been a credit for purchasing certain hybrid or al...
01/10/2024

Clean Vehicle Credit for 2023 and Beyond!
For some years now, there has been a credit for purchasing certain hybrid or all-electric vehicles. The credit has been greatly expanded for 2023, and is now known as the Clean Vehicle Credit.
If you purchase (or are considering) a vehicle that’s eligible for the new credit, you likely already know that, but both purchasers and sellers must meet certain requirements too. We thought an article on the IRS website did a good job laying out all the details, you can it here.
The credit is usually claimed on your tax return, but if it was applied toward your purchase by the dealer instead, you’ll still need all the details when preparing your return in case the final credit amount changes.

11/14/2023

Big Changes Coming To The Ohio Commercial Activities Tax (CAT)!
Businesses in Ohio are subject to the Ohio CAT when their taxable receipts exceed $150,000. “Taxable receipts” generally means sales to customers in Ohio, and the form of business doesn’t matter… sole proprietors, partnership, corporations, LLCs etc. are all potentially subject to it. In addition, businesses with 50% or more common ownership must measure their taxable receipts as a group, not individually. If taxable receipts are between $150,000 and $1 million, you’re required to file an annual return by May 10th. If receipts are over $1 million, then you’re required to file quarterly, with the fourth quarter due by February 10th.

Returns for tax year 2023 (due in 2024) must still be filed, but for about 90% of Ohio businesses, this will be your final return. For tax year 2024, the CAT has been eliminated for businesses with taxable receipts of less than $3 million, and for 2025, the threshold goes up to $6 million.

If you’ve been an annual filer (taxable receipts under $1 million), the tax you usually pay with your return due in May is actually an estimated tax payment for the following year. So, when you file your 2023 return by May 10th 2024, you won’t have any tax due for the 2023 tax year (if your receipts remained under $1 million), and you won’t owe an estimated tax payment for 2024. The 2023 return will include a box to check indicating it’s a final return, and you’ll be done.

Quarterly filers who expect gross receipts to stay under $3 million next year, might owe a final balance due for 2023, but will be able to cancel the account by checking the box on the fourth quarter return. If you expect 2024 taxable receipts to be over $3 million, you’ll continue to file quarterly for 2024, but will be able to cancel the following year if you expect to stay under $6 million for 2025. In either case, if receipts at some point exceed $6 million, under the new law as it currently stands you’ll need to reactivate your CAT account at that time.

For filers who usually have taxable receipts over $6 million, you’ll continue to file quarterly as usual, but will enjoy higher exemption amounts; again, $3 million for 2024, then $6 million for 2025 and forward.

These are the main highlights of the changes coming, there may be additional details that apply to certain businesses. As always, feel free to contact us if you have any questions about these or other tax or business planning matters.

07/20/2023

📢 Attention Clients: Tax Planning Matters! 📢

📅 Time flies, and it's never too early to start thinking about your taxes! As tax season might seem distant, we encourage you to keep taxes in mind throughout the year to make informed financial decisions. 💡💰

📌 Seeking professional advice BEFORE making any significant changes can have a profound impact on your tax returns. Here's why:

1️⃣ Maximize Deductions: By planning ahead, you can identify deductions and credits that apply to your unique financial situation, potentially reducing your tax liability.

2️⃣ Strategic Investments: Making well-timed investments can help optimize tax outcomes, ensuring you benefit from potential tax breaks.

3️⃣ Retirement Savings: Smart contributions to retirement accounts can lead to tax advantages, benefiting both your finances and future.

4️⃣ Avoiding Costly Mistakes: Proper planning minimizes the risk of making decisions that might lead to unexpected tax burdens.

📞 Don't hesitate to reach out to us to schedule a consultation! We're here to assist you in navigating the complexities of the tax landscape, offering personalized advice tailored to your circumstances. 🤝

05/17/2023

In college and trying to make extra cash through apps or services? You could receive Form 1099-K in early 2024 for your taxes. Learn more about this form: www.irs.gov/1099k

10/13/2022

This , the IRS reminds you that tax-related content is available in several formats for use with assistive technology.

You can view and download IRS tax forms and publications in alternative formats, including:
• Text-only
• Braille ready files
• Browser-friendly HTML
• Accessible PDF
• Large print PDF

To read more about how the IRS works hard to make sure tax info is accessible to everyone: http://ow.ly/ckX750KNI2m

Congratulations to Hand & Stone!
10/13/2022

Congratulations to Hand & Stone!

10/07/2022

Teachers can deduct up to $300 of qualified out-of-pocket expenses when they file their 2022 tax return. Eligible K-12 teachers, instructors, counselors, principals or aides from both public and private schools can take this deduction on their IRS tax return in 2023. To read more, click here: http://ow.ly/6baS50K6R1f

Happy !

10/07/2022

A reminder from the IRS: K-12 educators can deduct up to $300 for athletic supplies or other qualified expenses when they file their tax return in 2023. To learn more, click here: http://ow.ly/6baS50K6R1f

10/07/2022

IRS warns the public of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information. We have identified and reported thousands of fraudulent domains tied to multiple text messaging scams—known as smishing. Learn more at: http://ow.ly/VFji50KWalE

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Columbus, OH
43219

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A partner to help you grow your business.

At Neilley & Co. CPAs, we want to be more than the tax company you take your paperwork to at tax time. We are business advisers, your partner throughout the year, helping you grow your business to be more profitable and more valuable. We also work with you to achieve peace of mind about your complex personal taxes, financial decisions, estate and retirement planning to help you reach your financial goals.