Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file […]
The “Manufacturers’ Deduction” Isn’t Just For Manufacturers
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called the “domestic production activities deduction,” is 9% […]
Crowdfunding Tax Issues
According to crowdexpert.com, an estimated $34 billion was raised by crowdfunding in 2015. This number is expected to have increased in 2016. Crowdfunding is a way to raise money from a large group of people and is most often done online. Common crowdfunding websites such as Kickstarter or GoFundMe allow for people all around the […]
IRS Notices – What You Should Know
The IRS recently published Summertime Tax Tip 2016-05. This article provides taxpayers with some helpful tips on what they should know about the millions of letters the IRS send out every year. The letters are used to communicate with taxpayers about errors and changes to tax returns. A common reason for a letter is omitting […]
Tax Tips For Students Working This Summer
Do you know a student that is working this summer? Below are some tax tips taken directly from IRS Special Edition Tax Tip 2016-11 that are important to keep in mind: Withholding and Estimated Tax. If you are an employee, your employer normally withholds tax from your paychecks. If you are self-employed, you may be […]
Record Keeping Guidelines
We often get asked by clients how long to keep their paper records. Here’s a good list: Three Years (from Date of Filing Return or Due Date of Return, Whichever Is Later) Bank deposit slips Cancelled checks Daily sales records Entertainment records Expense reports Paid vendor invoices Written acknowledgment from charity for contributions of $250 […]
Watch Out For Tax Related Scams
Taxpayers continue to be targets of various scams. Here are a few we’ve heard about lately, and encourage you to watch out for: Phone scams – The IRS will never call to demand immediate payment, call about taxes owed without first having mailed a bill, call to demand payment without the opportunity to question or appeal, […]
Start Planning For Next Year
Even though we just wrapped up another busy tax return filing season, its already time to start planning for next year. We would like to help you avoid surprises when preparing your next tax return. Here are a couple common situations we see: Did you have any life changes? Getting married or having a child can […]
Pay Your Taxes Online
Did you know that both the IRS and State of Michigan offer taxpayers the option of making their tax payments online? Check out the links below: Click here for IRS Direct Pay Click here for the Michigan Electronic Payment system Both of these services are free to you. Note the Michigan payment system charges a fee […]
Where Is Your Refund?
If you have filed your 2015 tax return, and are wondering where your refund is, we’d like to make you aware of the following two resources. The IRS’ Where’s My Refund is a great place to start. In order to use this website, you’ll need the following information: Your social security number Filing status Exact […]