Best Advice For Your Tax Refund
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 to have spring refund “windfall”. So what is the best […]
Some Of My Favorite Client Questions
I love it when clients ask me questions, especially before taking action. Some ask many questions throughout the year, while others may wait for tax time. Many business and individual clients rely on their CPAs to make sense of tax implications and all kinds of financial matters, particularly about their companies and accounting. Here are […]
Are You Taking Advantage of Michigan’s Pass-Through Entity Tax?
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 credit against that tax on their Michigan individual income tax returns. With the passage of the TC&JA, a $10,000 cap was placed […]
DeHoek & Company Is Proud To Announce Our 30th Anniversary!
In 1993, our goal was to provide personalized tax and accounting services to mid- small sized businesses and their families. Now, 30 years later, our team of professionals continues to work toward that same goal. We are so grateful for the trust and loyalty of our clients! Our clients know their CPAs and their tax […]
9 Facts About HSAs That Might Surprise Our Clients
Health savings accounts (HSAs) are projected to surpass $100 billion in assets in 2023, showing that consumers are realizing the potential power of HSAs, including as a significant wealth-building tool. The fact that the HSA individual contribution limit is lower than that for deductible contributions to an individual retirement account (IRA) has led to HSAs […]
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 […]
How are Tax Planning and Financial Planning Connected?
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 that help you reach your financial goals, be they […]
October 15th Is A Big Day!
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 team at DeHoek & Company wants to remind you […]