For many parents, the idea of getting their kids ready for back-to-school conjures up both a welcome relief and a financial frenzy. According to NEAToday.org, in 2016, parents spent $200, on average, per elementary student and $330 and $375 per middle and high school student, respectively. That is a lot of paper and pencils!
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While there are a myriad of ways to reduce Ohio income taxes that are well known and widely leveraged, some methods seem to go largely unnoticed. One of those lesser-known and underutilized methods that every small business owner, or those interested in owning a small business, should be aware of is the InvestOhio program.
InvestOhio, launched by the State of Ohio several years ago, was created to encourage investment in Ohio-based eligible small businesses. Qualifying applicants to this program will receive non-refundable Ohio personal income tax credits equal to 10% of their investment in an eligible small business. Any unused credits can be carried forward up to seven years.
The Department of Labor has finalized new overtime rules under the Fair Labor Standards Act, ending months of speculation about how the proposal, which was introduced last July, would affect employers.