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Do You Qualify for the American Opportunity Tax Credit?

$100 bills rolled and banned together with a rubber band, standing up a table | American Opportunity Tax Credit

As you likely are aware, the United States Federal Government gives out many tax credits that are designed to incentivize certain types of behavior. One example is helping people attend college or another four-year institution. For individuals like this, the …

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E-Filed Tax Refund Return Timeframe

tax refund timeline

As many taxpayers have noticed, refunds have been slower than usual for the past few years. This is due to a variety of issues, including the ongoing COVID-19 pandemic and staffing shortages. Fortunately, the IRS has issued a tax refund …

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Avoid A Refund Delay By Avoiding These Tax Mistakes

avoid a refund delay

Are you expecting a tax return this year? If so, it’s time to start considering common errors, plus one glitch concerning the child tax credit affecting some fax filers. The IRS is warning tax filers that the current backlog is …

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IRS Child Tax Credit Letter May Be Inaccurate

Child Tax Credit Letter

For millions of families, one bright spot in this year’s tax season is that they can expect to get the rest of their child tax credit payments for 2021. Last year, most families received half of this, via monthly payments, …

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What Is the Michigan SALT Deduction Cap Workaround?

michigan salt cap

The Michigan Legislature joined several other states last year in helping eligible taxpayers offset the SALT Deduction Cap with the passage of H.B. 5376. Governor Gretchen Whitmer signed the bill into law in December. So, what does this mean for …

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New Online Identity Verification Process for IRS Online

online identity verification process for IRS

User-friendly access to IRS online tools enables fuss-free management for your accounting needs, minimizing the risks of errors and delays. Conventionally, accessing online IRS services required a manual log-in with IRS usernames and credentials.  The IRS recently launched a mobile-friendly …

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Accelerated Depreciation – The Differences Between Section 179 and Bonus Depreciation

accelerated depreciation

When you buy an asset that provides value over the course of a year, you may need to capitalize the asset and claim depreciation expense over the useful life of the asset. However, sometimes it makes more sense to claim …

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Gamblers Rejoice!

QuickBooks Backup

Offset Those Winnings! Michigan gambling taxes are getting clarifications. If you hit it big at a Michigan casino (or while playing blackjack from your phone) in 2021, here’s some good news. Historically, the IRS has allowed gambling losses to offset …

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Standardized Versus Itemized Deductions and Tax Brackets

tax time bean bracket

Tax season can send terror through the hearts of the bravest citizens. You want your tax return to follow the law, but you also want to keep as much money as possible away from the IRS, that unpopular entity that …

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Year-End Tax To-Do’s

Year-End Tax Tips

Year-End Tax Tips for a Successful Tax Season There are always changes going on in the tax world, legislation always making things interesting for us. Here are some things you can do NOW that will make your tax return go …

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