Under the TCJA, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence due to a court order) after...
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000. However, the TCJA suspends the...
Get 2018 tax documents ready for upcoming filing season The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019. The IRS...
As the year is winding down, it is time to start thinking about some tax planning. [caption id="attachment_18421" align="alignright" width="200"] JONATHAN M. DEHOEK Associate, EA | Tax and Audit Specialist[/caption] Business owners as you know your income and expenses can fluctuate from year to year. Now is...
Back in 2015, Governor Snyder and the Michigan legislature eliminated taxation of personal property for most small businesses. Specifically, those with personal property with less than $80,000 value, according to the state’s assessment guidelines. Basically, depreciated book value. However, to obtain the exemption, Michigan small businesses...
I'm 35 and am the sole proprietor of a small business. I've always been a good saver and have put some money in an IRA every year, but I know it's not enough. What else can I be doing? For a sole proprietor, saving for retirement...
The IRS issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees. The...
The gig economy is a sector of the workforce in which people do not have long-term employment. Those in the gig economy are contingent workers—freelancers, consultants, tradespeople—who cannot necessarily count on their next gig. They may obtain assignments or projects through companies such as Uber,...
After the school year starts in September, most calendars fill up quickly. Important dates and meeting times seem to be planned in earnest now that summer is over. It can be easy to get caught up in all the obligations everyone else has for you. But, our...
There are a few "unofficial" signs that summer is over. The first few cool days in the forecast, the day after Labor Day, and the corporate extension deadline. Well, we are CPA's! So - back to business this 1st full week of September with a few fall reminders; Final...