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 […]

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 […]

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 […]

Do You Know Your Business’s Value?

Knowing the value of their business helps owners make important decisions for their company, including when to raise capital and how to ask for capital or a loan from investors or banks, understanding when to exit and their exit strategy and when to purchase another business in efforts to strengthen their own offering. An inaccurate […]

3 Critical Shifts For Clients In Retirement

Whether we are your business advisors or your tax preparers,  if you are one of the 10,000 Baby Boomers turning 65 every day, your need for retirement planning has never been greater. Retirees need to make three critical shifts in thinking to obtain the most enjoyment out of their golden years, and as CPAs, we […]

Tax And Financial Planning Tips For Retirement

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 you’re retiring now or simply thinking about your future, here […]

Are You Taking Advantage of Michigan’s Pass-Through Entity Tax?

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 credit against that tax on their Michigan individual income […]

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 […]

Planning Opportunities For The Final Tax Return

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 thoughtful pre-planning for clients who are elderly or nearing death […]