CPA Blog (Nerd Talk)Crunching Numbers. Nurturing Finances.Tax Talk.

Do You Qualify for the 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 American Opportunity Tax Credit may be an ideal way to save money on your taxes …

E-Filed Tax Refund Return Timeframe

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 return timeframe about when taxpayers can expect to get their refund this year. However, there …

Avoid A Refund Delay By Avoiding These Tax Mistakes

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 already causing delays, so when filing, it’s essential that your returns are accurate to prevent …

IRS Child Tax Credit Letter May Be Inaccurate

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, with the remaining half slated for when families receive their 2021 refunds. To help things …

What Is the Michigan SALT Deduction Cap Workaround?

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 Michigan businesses? If you have a flow-through entity and you paid more than $10,000 in …

New Online Identity Verification Process for IRS Online

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 verification process with the ID.me online identity network, which allows you to log into your …

Gamblers Rejoice!

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 gambling winnings so that taxpayers are not paying tax on the money they don’t have. …

Standardized Versus Itemized Deductions and Tax Brackets

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 has so much power over your finances. This process can be a bit like walking …

Year-End Tax To-Do’s

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 smoother. Record Keeping There are many different aspects of a tax return that depend on …