As of January 29th, it is officially the 2024 Tax Season! At DJL we understand that navigating tax season can be a bit overwhelming, but that’s what we are here for!

In this 5-step guide, we’ll walk you through the essential steps to prepare for this tax season while paving the way for your successful financial future. 

Private employers in Ohio could see a substantial reduction of nearly $67 million in premiums for the upcoming fiscal year, thanks to a proposed 7% rate decrease presented to the Ohio Bureau of Workers' Compensation Board of Directors on Friday. 

Yesterday the House approved the Tax Relief for American Families and Workers Act of 2024 in a 357 to 70 vote.  The Senate still needs to vote on the bill before the legislation is passed, and that vote is not yet scheduled.

A summary of the main highlights of what the bill would do, if enacted as introduced, follows:

The Internal Revenue Service provided updated details on where it stands in its processing of millions of tax returns in its backlog. 

For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.

The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022.

The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.

For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.

To qualify for the enhanced deduction:

Effective April 1, 2022, Mahoning County will increase its sales and use tax rate from 7.25% to 7.5%.

Taxpayers should ensure that the rate changes are accurately reflected in their systems so that customers are charged the appropriate sales tax rate. This may include retailers updating cash registers and point-of-sale software and systems. It is a good practice to review sales on the effective date of the rate change to confirm systems are properly calculating the tax.

This year, millions of taxpayers are awaiting the processing of their tax returns and receipt of their refunds. The backlog—unprocessed returns and correspondence sent to the IRS but yet unanswered—has created one of the most challenging tax filing seasons in our nation’s history.

According to the Treasury and IRS recent press release, the IRS’s backlog challenges stem from two key sources.

The Policy Activity Rebate (PAR) program is once again available for the 2021 policy year. The PAR Program provides you an opportunity to earn a 50% premium rebate, up to $2,000, in under a day.

To earn the rebate, you must complete 11 credits from their customizable plan of 33 activities. These activities promote a safe work environment, raise safety awareness, and increase understanding of some of the most important aspects of workers’ compensation.

We had a great time at the Metroplex in Girard, Ohio to participate in Junior Achievement of Mahoning Valley's 4th Annual Designer Bag Bingo event! We are thrilled that $36K was raised during the event, which benefits financial literacy, career-readiness, and entrepreneurship programs for students grades K-12 in Mahoning, Trumbull, and Columbiana counties!