Tax Tips

Blog posts from CPA Nerds pertaining to the topic of tax tips.

New Business Venture FAQ: Short-Term Home Rentals

The front of a home showing a white front door, white garage door, steps, and a small, lush garden.

Launching a new business venture is an exciting opportunity. But it’s a good idea to explore your options first on the most beneficial ways to structure your new company. You probably have questions about tax liabilities, business formation, and other …

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Delayed 2021 Tax Refunds

Experiencing Delayed 2021 Tax Refunds?

At the beginning of each year, millions of Americans spur into action to file their taxes – many fueled by fear of owing the IRS money or, more likely, motivated by receiving a tax refund.  As hard as it is …

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Stop Overpaying—Minimize Your Tax Bill

Minimize Your Tax Bill Woman Tax Preparer┃CPA Nerds

Am I Overpaying My Taxes? Are you one of the millions of business owners who overpay their taxes? If so, you’re not alone. According to Forbes magazine, 93% of business owners overpay in taxes every year. With the help of …

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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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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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