edited - 2018 Winter Newsletter

2018

HOMECOMING DATES

***NEW DATE***

July 25 - 28

PARADE-Wed., July 25th / FIREWORKS-Sat., July 28th

Lemonade Tent

Volunteers

Homecoming Festival

Sausage Tent

Volunteers

NEW MEMBERS

The following businesses and individuals have joined the Chamber since the publication of our last newsletter. We remain grateful for their interest and support. Our Chamber encourages all of our members to patronize other members whenever possible. To obtain contact information for any of the members, please contact the Chamber office at 440.238.3366 or [email protected]

A LEG UP BALLET ACADEMY

ALLADIN’S EATERY

ARBY’S

BLINK SIGNS

BMW OF WESTLAKE

CERTAPRO PAINTERS OF WESTLAKE-STRONGSVILLE

CULTURE INDEX

CUTLER REAL ESTATE

GROUP MANAGEMENT SERVICE

INFINIUM WALL SYSTEMS, INC.

KWIB, LLC

LARRY MILLER

LEARN INFINITY

N2 PUBLISHING DBA JOE SYMANSKI, LLC

NORTH POINT PORTFOLIO MANAGERS

PAINTING WITH A TWIST

SOUTHPARK SQUARE SENIOR APARTMENTS

STRATMAN SERVICES, LLC

SUNLESS SOLUTIONS

SWEETFROG PREMIUM FROZEN YOGURT

TOASTMASTERS/COLORFUL COMMUNICATORS

TUTOR DOCTOR

VOLPINI LAW

WILLOWOOD CARE CENTER

Arby's Grand Re-Opening

November 2017

Mayor Perciak, Slider &

Brent Painter

Dancing, Gaming,

Food, Auction = FUN

Dance Chairman, Gregg Finkler & Holly Finkler

Scholarship Dance Supporters

ELECTION OF TRUSTEES

CONGRATULATIONS!

At the Annual Meeting in November, the Strongsville Chamber of Commerce elected Trustees and officers for 2018. Rich Baldin, Matt Finkler, Colleen Flowers, Dustin Hayden, Chuck Hollingsworth, Cortney Kalfas, and Steven Neal were re-elected to a 3 year term. Paul Matula of Advantage Insulation Distributors was also elected Trustee for a three year term. Rich Baldin was elected as President and Charles Goss was elected as Vice-President. Gregg Finkler was appointed Treasurer.

A REMINDER FROM THE CHAMBER OFFICE

Annual membership invoices have been emailed and mailed. Please renew your Chamber membership as soon as possible. Go online strongsvillechamber.com to pay by credit card or call the office at 440.238.3366

IMPORTANT TAX CHANGES FOR 2018

As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts to tax rate schedules and standard deductions, here's a checklist of tax changes to help you plan the year ahead.

While this checklist outlines important tax changes for 2018, additional changes in tax law are more than likely to arise during the year ahead. Don't hesitate to call if you want to get an early start on tax planning for 2018! Click HERE to read more

Standard Mileage Rates - In 2018, the rate for business miles driven is 54.5 cents per mile, up from 53.5 cents per mile in 2017.

Section 179 Expensing - Under the Tax Cuts and Jobs Act of 2017, the Section 179 expense deduction increases to a maximum deduction of $1 million of the first $2,500,000 million of qualifying equipment placed in service during the current tax year. Indexed to inflation after 2018, the deduction was enhanced to include improvements to nonresidential qualified real property such as roofs, fire protection and alarm systems and security systems, and heating, ventilation, and air-conditioning systems.

Bonus Depreciation - Businesses are allowed to immediately deduct 100% of the cost of eligible property placed in service after September 27, 2017, and before January 1, 2023, after which it will be phased downward over a four-year period: 80% in 2023, 60% in 2024, 40% in 2025, and 20% in 2026. Section 199 Deduction for Domestic Production Activities - Under the TCJA, the Section 199 deduction was repealed for taxable years beginning after December 31, 2017.

Work Opportunity Tax Credit (WOTC) - Extended through 2019, the Work Opportunity Tax Credit has been modified and enhanced for employers who hire long-term unemployed individuals (unemployed for 27 weeks or more) and is generally equal to 40 percent of the first $6,000 of wages paid to a new hire. There was no change to this tax credit under TCJA.

Research & Development Tax Credit - Starting in 2018, businesses with less than $50 million in gross receipts are able to use this credit to offset alternative minimum tax. Certain start-up businesses that might not have any income tax liability will be able to offset payroll taxes with the credit as well. There was no change to this tax credit under TCJA.

Employee Health Insurance Expenses - For taxable years beginning in 2018, the dollar amount of average wages is $26,700 ($26,200 in 2017). This amount is used for limiting the small employer health insurance credit and for determining who is an eligible small employer for purposes of the credit.

Employer-provided Transportation Fringe Benefits - If you provide transportation fringe benefits to your employees, in 2018 the maximum monthly limitation for transportation in a commuter highway vehicle as well as any transit pass is $260, and the monthly limitation for qualified parking is $260. Parity for employer-provided mass transit and parking benefits was made permanent by PATH.