The IRS has announced it is making a midyear increase to the optional standard mileage rate. As of July 1, 2022, the standard mileage rate for business travel will be 62.5 cents per mile for the last half of the year (up from 58.5 cents per mile for the first half of 2022). Typically, this […]
Fraudulent IRS Telephone Calls
As tax season approaches we wanted to remind taxpayers to be aware of potential scams involving fake IRS telephone calls. A common scam is someone impersonating the IRS and demanding payment for a tax bill. Here is a list of ways to determine if you are dealing with a scammer. The IRS will never: Make […]
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 […]
Requesting a Prior Year Tax Return Transcript
Did you know that you can request a transcript of your tax return for the current year and the three prior years from the IRS? The transcript is free and provides almost all of the information that is found on your tax return. This can be useful if you need to look at prior year’s […]
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 […]
Fake IRS Phone Calls
A common scam we see during tax season is phony calls from people stating to be the IRS. They claim they are the IRS and that you owe money. As they get more aggressive, they will try to scare you by threatening that you must pay within the next few hours to avoid going to […]
IRA Contribution Deadlines
Did you know that you may still be able to make a contribution to your Traditional or ROTH IRA for 2015? You have until April 18, 2016 to make the contribution. A contribution to a Traditional IRA can lower your taxable income, and therefore, decrease your overall tax due for 2015. Please consult your financial […]
W-4, W-2, I-9…Come again?
Are you considering hiring an employee or several employees? There are several critical forms that must be completed by your new employee and kept in a personnel file. – IRS Form W-4 lets you know how much federal income tax to withhold – Form W-4 – Form I-9 verifies the identity and the eligibility […]
IRS Updates Identity Theft Policies
After a security breach during the 2015 tax season, the IRS has decided to change its policy regarding identity theft and disclosure of information from fraudulent returns. Previously, the IRS refused to release information from fraudulent returns to the taxpayer affected citing privacy concerns. After receiving pressure from the U.S. Senate , the IRS has […]