As CPAs, we encounter our clients' life events many times, while each client encounters them just once. This experience allows our team to compare, learn, and develop tools to give expert advice to all our clients. When it comes to transitioning to retirement, Social Security...
They say money can’t buy love, but it can buy heartbreak. Love and finances are exceedingly complex subjects, so it makes sense that it only gets more complicated when you combine them. With Valentine’s Day just around the corner, the AICPA® Financial Literacy Commission encourages...
My advice typically is to strategically plan for your tax obligation throughout the year, thus minimizing your refund at tax time (which is really your money that the government saved for you throughout the year without paying you any interest on it), but many clients like...
Retirement is an exciting time. After a lifetime of hard work, you’re finally ready to focus on family, travel, and hobbies. But just because the work stops doesn’t mean taxes do. When your income is fixed, taxes can take on a whole new hue. Whether...
Tax planning is the strategy of arranging your affairs in ways that postpone or reduce taxes. By employing effective tax planning strategies, you can have more money to save and invest or more money to spend, or both. Financial planning is the art of implementing strategies...
Michigan Pass-Through Entity Tax Enacted - Quick Action May Be Needed for 2021 Michigan's Governor signed legislation on December 20, 2021, allowing Michigan pass-through entities to elect to pay a newly enacted 4.25% income tax and for the owners of those entities to claim a tax...
The Employee Retention Tax Credit (ERTC) can greatly help businesses that suffered revenue loss from COVID-19. The ERTC was originally included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but it was not widely used because initially, businesses could only take advantage of either...
The GAO estimates that 38% of the employers the IRS examines have misclassified workers as independent contractors. The IRS is responsible for determining whether an individual who provides services to a business is an independent contractor or an employee. Although many independent contractor relationships begin at...
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...
When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Several tax attributes and related tax planning opportunities are lost when a taxpayer dies. However, careful and...