Disaster Relief For MI Residents

The IRS has extended tax relief for individuals and businesses in parts of Michigan affected by severe storms, tornadoes, and flooding that began on Aug. 24, 2023. The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record in the disaster area. These taxpayers do not need to contact the […]

5 Pillars Of A Solid Retirement Plan

When building a retirement plan, consider implementing a five-pillar approach that includes taxes, investments, income, health care, and estate planning. 1. Tax planning Taxes are the most significant expense for retirees who have saved up a lot of money in tax-deferred investments (401(k)s and IRAs) over their working years. It is also the least talked […]

Get Ready To File Your 2023 Taxes

Get 2023 tax documents ready for the 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’s return may be required to file in 2024. The IRS has recently updated its Get Ready page with […]

Tax-Time Considerations Before New Years Eve

Christmas is over and you may be wondering if your to-do list should have a few tax and financial considerations on it before you celebrate NYE. We suggest you spend a few minutes considering the following ideas: 1. Read up on the  Child Tax Credit if it applies to you, and know its impact on […]

The Benefits of a Year End Tax Planning Meeting

The purpose of year-end tax planning is to project your tax liability for the current year and then identify opportunities to reduce or eliminate that tax burden before the year is over. Bottom line – a year-end tax planning meeting can save you money. For many of my tax clients, especially those who own a […]

Is Summer Really Over?

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 CPAs! So – back to business this 1st full week of September with a few fall reminders; Final deadline for partnerships and S Corporations […]

IRS Announces 2023 Standard Mileage Rates

On Dec. 29, 2022, the IRS announced the 2023 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The 2023 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 5 cents per mile driven for […]

Get your 1099 paperwork in order

This can be a challenging time of year for my clients who hire independent contractors.  By the very nature of the 1099 work relationship, if you did not have them complete their paperwork in 2022, you may have a challenge getting it now before we file your taxes. So, make it a priority in 2023 […]

Could Your Home Office Be A Deductible Expense?

With a home office, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners of a partnership interest. For a taxpayer to be eligible for a home office […]

10 Reasons LLC’s Might Not Want To Elect S-Corp Status

Conversion is often attractive, but limited liability company owners should think twice about such common pitfalls as having an operating agreement inconsistent with an S election or potential gain recognition. Although an LLC’s election to be classified as an S corporation for tax purposes can have certain advantages, such as payroll tax savings, there are often […]