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In the Community

In early September our Defiance office participated in the United Way annual Day of Caring.

Their project was to build six picnic tables and haul them to their designated location at the Boy Scout Camp.

Accountants + Power tools =

Paperless Ingenuity!

The annual Day of Caring gives local businesses the opportunity to volunteer and help UW member agencies with community projects.

Nice picnic tables!  They definitely measured twice, cut once. 

By: Stacey Baer

Many of us have children or grandchildren back in school at all levels, from pre-school through higher education, and we likely just finished preparing them with the supplies they will need to start their fiscal year.  Have you considered your fiscal tool-box recently?  Here are a few check-list items you might consider in the autumn process of putting things in order.

• Have you reviewed college expenses and plans for kids or grandkids?  There are several planning strategies that have unique tax advantages available.
• Have you taken a personal property inventory?  A video is the easiest way to accomplish this.  You will want to make sure it is backed-up and stored in an off-site and safe location.
• Do you have a succession plan for your business?  Back-to-school is a great time to start making plans for training and educating a potential successor(s) for a smooth transition.  It is never too early to start. 
• Have you reviewed your estate plan recently, including wills, trusts and powers of attorney?  Do you understand how it works? 

This is a great time to move forward on any of these items, especially with the end of the calendar year right around the corner.  Would you like assistance in any of these areas? 

Contact us for help.

 By: Tony Gericke 

The recently enacted Ohio Budget Bill has a personal income tax incentive to encourage investments in Ohio Businesses. Under this provision the potential exists for an investor to receive a 10% Ohio tax credit from a qualified investment in a business. Here a few of the details:

• Investors can realize a 10% tax credit from Qualified Investments up to a maximum of $1 million for a $10 million investment. (Married taxpayers filing joint are limited to $2 million for a $20 million investment).
• The tax credit is non-refundable, non-transferable, has a seven year carry-forward, and cannot be taken until after the Required Investment Holding Period has passed.
• Qualified Investments are investments by an individual, trust, or estate made after July 1, 2011 to purchase capital stock or equity interest in an eligible small business.
• The Required Investment Holding Period by the investor is at least two years if the investment is made prior to June 30, 2013 or at least five years if the investment is made after June 30, 2013.