While we didn’t close for the day, we did take a short break from preparing taxes to enjoy today’s once-in-a-lifetime solar eclipse. All we can say is “WOW!” The post From Tax Breaks to Eclipse Breaks appeared first on Nichols & Company CPAs ..read more

When you only work about 15 Fridays per year, you like to make them special. Today was our Chili Cook-Off! We had a variety of chilis, including original, white chicken and vegetarian. Congratulations to our winners: Rosie (1st Place), Cindy (2nd Place) and Chris (3rd Place)! The post N&Co Chili Cook-Off appeared first on Nichols & Company CPAs ..read more

We at Nichols & Company, CPAs would like to thank everyone who came out last Friday to celebrate and tour our new office space, and participate in our ribbon cutting. We were overwhelmed by your outpouring of support and encouragement. Such a warm response from community members and clients further confirms our decision to remain in Westerville. We are so grateful for your support and kindness. If you weren’t able to attend our Open House, please feel free to come visit us in person sometime soon! The post A Heartfelt Thank You from Us to You! appeared first on Nichols & Company CPAs ..read more

Happy Holidays! We are quickly approaching our favorite time of the year—Tax Season—and have some very important updates to share with you: There is still time for 2023 year-end tax planning, and planning is more important than ever. The IRS interest rate on underpayments has risen significantly, from 3% in 2020-2022 to 8% in the 4th quarter of 2023. This rate applies to any balance due for which you are not ‘penalty-proof’. Find our year-end tax planning guide on our blog. You asked for it:  the pdf-fillable Tax Organizer is here! For those of you who prefer to print and fill out the or ..read more

On this Giving Tuesday, we wanted to remind our Ohio clients of a unique opportunity to make a positive impact in the community while also benefiting from valuable tax incentives. Did you know that contributing to scholarship-granting organizations (SGOs) can earn you a nonrefundable, dollar-for-dollar tax credit in Ohio? This means you could be eligible for up to $750 in tax credits (or $1,500 for married couples filing jointly*), directly reducing your state income tax liability. Here’s a quick overview: Tax Credits: The credit is a dollar-for-dollar reduction of your Ohio state income tax ..read more

The post Join Us Friday, Jan. 12 for an Office-Warming Party & Ribbon Cutting! (Please RSVP by Jan. 10) appeared first on Nichols & Company CPAs ..read more

Happy New Year! To help you prepare for our new Tax Organizer, we have compiled some fun facts into quick and easy trivia (a 30-second or less read). Please read them all to help us make your life less taxing. Question 1 –TRUE OR FALSE: This year, I must complete and return my Tax Organizer. TRUE! This simple organizational tool is sent in early January. The new, fillable pdf includes a quick Questionnaire to gather the most up-to-date information related to your 2023 events, followed by a Personal Information page and Income Summary. Once you have completed your Tax Organizer o ..read more

We want to wish you and your families a very Happy New Year! The team at N&Co is eager to support you in navigating tax season seamlessly. In early January, we will begin emailing you a series of tips geared toward completing your Tax Organizer, as well as emailing your Tax Organizer to you. Over the years, we have received numerous requests for a fillable-pdf Tax Organizer. We listened to you! This year we are able to offer this feature, as well as the ability to securely upload your completed Tax Organizer and associated tax documents to us through SafeSend Organizers. We aim for 100% Ta ..read more

Did you purchase an electric vehicle in 2023? Here is the information you need to qualify for the Clean Vehicle credit:  The seller of the vehicle must provide the buyer with a report at the time of sale. This report will verify that the vehicle and its battery are both credit eligible. Buyers can confirm the clean vehicle they are purchasing is eligible for the credit through receipt of a valid time-of-sale report and confirmation that Energy Credits Online has accepted the submission for their clean vehicle purchase. Buyers must still meet certain income and other requirements. The IRS ..read more

You may have received a letter regarding your CAT Tax account. Beginning on January 1, 2024, the commercial activity tax (CAT) annual minimum tax is eliminated, and the exclusion amount is increased from $1 million to $3 million. Therefore, taxpayers with taxable gross receipts of $3 million or less per calendar year will no longer be subject to the CAT. What happens now? Current quarterly taxpayers need to continue making payments for the remaining quarters of 2023 (November 13, 2023, and February 12, 2024). Annual filers must also still file their annual return, due May 10, 2024. Businesses ..read more