Another common question asked during tax season is how do I know when to file quarterly individual estimated tax payments? For the Period: Date Payment is Due: 1/1 – 3/31 April 15 4/1 – 5/31 June 16 6/1 – 8/31 September 15 9/1 – 12/31 January 15 (of the next year) The date of postmark […]
Tax Season FAQs (Part 3 of 4)
A third common question asked during tax season is will I have to pay taxes on my social security benefits? If the benefits are supplemental security income, also known as SSI, those payments are not taxable. However, if the income includes monthly retirement, survivor, or disability benefits the question is not answered as easily as […]
Tax Season FAQs (Part 2 of 4)
A second common question asked during tax season is what is the age limit on claiming a child as a dependent? A child must be under the age of 19 at the end of the year or a student under the age of 24 at the end of the year and must be younger than […]
Tax Season FAQs (Part 1 of 4)
One common question asked during tax season is whether or not a college student with a part-time job, who can still be claimed as a dependent, can claim a personal exemption when filing his or her own tax return? The answer is no. Your son or daughter’s tax return should have the box checked stating […]
Where’s My Refund?
Have you ever wondered when you will receive your income tax refund? Both the IRS and State of Michigan have a way to check the status of your refund. These sites tell you if you return has been accepted, if your refund has been approved, and if your refund has been sent. To check the […]
Tax Filing Season
Tax filing season is upon us and we are assisting businesses and individuals with the preparation of their 2013 tax returns. As you are compiling your tax documents prior to dropping them off at our office, please give us a call or send us an email with any questions you have. We offer a tax […]
Identity Theft Prevention
In the wake of recent security breaches at a major U.S. retailer, identity theft has become a real issue and fear that many Americans face. It is a good time to remind ourselves what we can do to help prevent ourselves from becoming a victim of identity theft. The IRS has provided some basic tips […]
Standard Mileage Rates for 2014
The standard mileage rates have been released by the IRS for 2014 (Notice 2013-80). Beginning on January 1, 2014, the standard mileage rates for the use of a car (vans, pickup trucks or panel trucks) will be: 56 cents per mile for business miles driven. 23.5 cents per mile for medical or moving purposes. 14 […]
Year in Review
As 2013 draws to a close, let’s take a look back at some of our favorite postings: 1099 Contractor vs. Employee – Learn how to determine whether an individual is an employee or independent contractor. Home Office Deduction – Familiarize yourself with the new option available for claiming the home office deduction. A Small Guide […]
Expiring Tax Provisions
There are several widely used credits and deductions for both individuals and business that are set to expire at the end for 2013. Here are a few of the credits and deductions that are set to expire: Individual The deduction for certain elementary and secondary school teacher expenses: allows teachers to deduct up to $250 […]