Smart Review Tactics Lead To Long-Term Business Success
As a business owner, monitoring operations and dealing with everyday problems no doubt takes up the bulk of your day. But carving out time for a comprehensive review can benefit your business. Here are...
View ArticleTeach Your Children This Vital Skill
Financial literacy is a vital skill in today's world. Will your children be able to handle their finances when they became adults? Here are tips to help ensure the answer is yes. Shave spending. Take...
View ArticleGive Yourself More Time To File
Can't finish your federal income tax return by the April deadline? Requesting an extension to shift the due date to October 17, 2016, takes three steps: First - estimate your 2015 tax liability. Second...
View ArticleLast Chance To Claim A 2012 Refund
According to the IRS, nearly one million taxpayers who failed to file a return for 2012 are in danger of losing refunds. Tax law provides a three-year period to claim a refund when no return is filed....
View ArticleShould You Make Estimated Tax Payments?
If you're required to make quarterly estimated tax payments this year, the first one is due on the same day as your federal income tax return. Failing to pay estimates, or not paying enough, may lead...
View ArticleUpdate Your W-4 Withholding
Did you receive a big tax refund or owe the IRS a lot of money for 2015? Then it's time to update the form that tells your employer how to calculate your federal income tax withholding. That's Form...
View ArticleInclude Your Tax Paperwork In Your Spring Cleaning
Looking to minimize clutter? Here are recordkeeping guidelines that will help you do just that while retaining what's important. ● Income tax returns. Keep these at least seven years. Hang on to the...
View ArticleNonProfit Annual Returns Due
May 16, 2016, is the deadline for filing annual information returns for nonprofit organizations. Missing the due date three years in a row means losing tax-exempt status. The revocation is automatic...
View ArticleKeep Track Of Summer Rental Income
Are you thinking of signing up with one of those websites that link travelers to property owners with space to spare? If you plan to offer for rent all or part of your main home, establishing sound...
View ArticleDon't Lose Part Of Your IRA Inheritance To Penalties
If you inherit an Individual Retirement Account from someone other than your spouse, you may be surprised to learn you have to take distributions. That's generally the case whether the IRA is a...
View ArticleLuxury Auto Depreciation Limits for 2016
The IRS recently issued the depreciation limits for business vehicles you buy and place into service this year. For cars, if 50% bonus depreciation does not apply, the first year limit is $3,160. If...
View ArticleSecond Estimate Tax Payment Due
Review and pay your 2016 individual estimated tax before June 15. That's the due date for making the second payment.
View ArticleNew Overtime Rules Finalized
The Department of Labor has published a Final Rule to the Fair Labor Standards Act on overtime pay protections for EAP (executive, administrative, professional) employees. The ruling changes the...
View ArticleWhat You Need To Know About Hiring Seasonal Workers
If summertime is a busy time for your business, you may be ready to hire seasonal workers. Here are tax rules to keep in mind. ● Affordable Care Act exception. When you employ 50 or more full-time...
View ArticleSummer Day Care Expenses Can Add Up To A Tax Credit
Did you know that you can claim a federal income tax credit when you pay someone to care for your kids while you're at work or school? The Child and Dependent Care Credit is valuable because it reduces...
View ArticleHSA Contribution Limits for 2017
The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2017. HSAs combine high-deductible health insurance plans with a medical savings account....
View ArticleSmall Business Auditing
The IRS says more attention will be given to auditing small businesses, including S corporations, as newly hired auditors come on board. Contact our office for information on ways to successfully...
View ArticleForm 5500 Due Date Approaching
August 1, 2016, is the deadline for filing Form 5500 for retirement or employee benefit plans on a calendar year. (The usual due date of July 31, 2016, is a Sunday.) There are two updates to be aware...
View ArticlePreventing Fraud In Your Business
How can you prevent employee fraud in your business? Here are four suggestions. ● Screen job applicants. Check work references, criminal records, and professional recommendations. By instituting a...
View ArticleDon't Be Forced Out Of A 401(k)
When you change jobs and abandon vested amounts in your 401(k), your former employer has to follow IRS rules and plan provisions for dealing with your account balance. Pursuant to these guidelines, the...
View ArticleStart Preparing - New Overtime Rules
In May, the U.S. Department of Labor updated the rules for paying overtime. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime...
View ArticleReceive A Notice From The IRS?
The IRS sends millions of taxpayer notices every year. If you get one, don't panic! Give us a call and we'll help you sort out the issue.
View ArticleGet Serious About Catching Up
If you're age 50 or older, tax law has a permanent provision that lets you make extra contributions to your retirement plans. These "catch-up" contributions vary depending on the type of retirement...
View ArticleWork-Related Education Costs
Are you going to school this fall to earn an advanced degree or to brush up on your work skills? If so, you might be able to deduct what you pay for tuition, books, and other supplies. If you're...
View ArticleThird Payment Due
Remember to make your third individual estimated tax payment by September 15. Contact us if you need help.
View ArticleDeadline For Retirement Plan
Looking for a business retirement plan that you can set up for 2016? You have until October 1 to adopt a SIMPLE plan.
View ArticleEducation Tax Breaks
Are your children in college? You may be able to offset some of the costs of their education with tax breaks. Here's a "tax primer." Education tax credits include the American Opportunity Tax Credit...
View ArticleYour Business, Your Salary
As the owner of your business, you are the decider of salaries for your staff. That's true for your own salary too. While there is no one-size-fits-all formula for determining how much to pay yourself,...
View ArticleAsamu Johnson On Stage
Check out Asamu Johnson and The Associates of The Blues at the African American Art & Music Celebration last Saturday!
View ArticleOctober 17 Deadlines
Did you extend your 2015 federal individual income tax return? October 17 is the final deadline. And if you put too much money in your IRAs last year, October 17 is the last date to withdraw the excess...
View ArticleIRS Scam Warning
The IRS has again issued a scam warning. The newest scam involves receiving via email a fake version of an IRS bill related to the Affordable Care Act. The bill requests payment by check or by clicking...
View ArticleFight Scammers The Old-School Way
Scam artists are relentless in finding ways to take your money. But some old-school methods are still effective for protecting yourself. Here are suggestions. Fortify your computer and your phone....
View ArticleKeep An Eye On Your Company's Cash
Being aware of where your cash is going can help prevent theft or improper expenditures, which are among the chief sources of loss for small companies. What can you do to reduce the risk of losses? The...
View Article"Everyone" is Not Your Customer
Indiscriminately trying to sell to "everyone" can dilute your message, muddy your image, and waste your company's resources. To market effectively, you have to know your customers. Remember: Satisfied...
View Article2017 Social Security Benefits
In 2017, retirees under full retirement age can earn up to $16,920 ($15,720 in 2016) before social security benefits are reduced.
View ArticleWhen Should I Move To The Cloud?
It’s never too late to move to the cloud! There isn’t necessarily a best time or best way for each business to begin the transition. One suggestion to help you begin your transition is to choose...
View ArticleSocial Security Wage Base Increase
If you're an employer, you'll need to withhold social security tax from a higher amount of your employees' wages in 2017. The wage base for withholding social security tax from wages has increased to...
View ArticleShould You "Bunch" Your Medical Deductions?
Bunching deductions means timing the payments between years to get the best tax deduction. Since 2016 is the last tax year that taxpayers age 65 or older can use the 7.5% of adjusted gross income (AGI)...
View ArticleMichigan Minimum Wage Increasing
Beginning January 1, 2017, the minimum wage rate in Michigan increases to $8.90 per hour. This is the third step in 2014's Public Act 138 which approved the gradual increase of minimum wage to $9.25...
View ArticleRetirement Tax Break Benefits for 2016
December 31 is the last day you can benefit from certain retirement tax breaks. For example, if you haven't put the maximum amount allowed in your 401(k) – $18,000 in 2016 – increasing your...
View ArticleS Corporation? Check your basis!
Typically, stock basis in an S corporation begins with the capital contribution you make to get the company started. At the end of each taxable year, your stock basis is adjusted to reflect your...
View ArticleClean Your Financial House For The New Year
No matter whether you apply the expression to changes in attitude or to life adjustments, the end of the year is a great time to assess your household finances and prepare for new opportunities. Here...
View ArticleFinal 2016 Estimated Tax Payment
The fourth and final installment of 2016 estimated tax for individuals is due January 17, 2017.
View Article2016 Tax Filing Season
The IRS says the 2016 tax filing season begins January 23, 2017, for both paper and electronic filings.
View ArticleDo You Need To Revise Your Final Estimated Tax Payment?
The last installment of your 2016 estimated federal income tax is due January 17, 2017. As a general rule, to avoid penalties you need to pay in the lesser of 90% of your 2016 estimated tax liability...
View ArticleTax Refund Delay Impacts Low-Income Americans
For many of the 40 million low-income Americans, their annual tax refund is the biggest check they get all year. But many times scammers and organized crime syndicates have filed fraudulent returns...
View ArticleThree New Tax Filing Deadlines
As you begin preparing your final payroll tax returns for 2016, take into account earlier due dates for two common information reporting forms and one extended due date for health coverage reporting...
View ArticleCan't Itemize? You Can Still Claim Some Expenses
Can't itemize? You can still claim some expenses on your 2016 federal income tax return. Here's how you can benefit. * IRA and HSA contributions If you made a contribution to your traditional IRA for...
View Article"Dependent" Defined
Many people think of a "dependent" as a minor child who lives with you. This is true, but it's important to remember dependents can include parents, other relatives and nonrelatives, and even children...
View ArticleTax Planning 2017
Each year, certain tax figures are adjusted for inflation. While most figures are unchanged versus 2016, there is more than a 7% increase to the maximum earnings subject to social security tax. Take...
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