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 …
Tax Tips
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 …
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 …
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 …
FICA Taxes That Are Withheld: Social Security & Medicare
There are two components of FICA tax that are withheld from your payroll check, Social Security and Medicare. You’ll want to know how to calculate the withholdings on your payroll taxes. Both employees and employers equally split this mandatory payroll …
COVID Stimulus Round 3
Don’t give the IRS more money than you’re supposed to Key Provisions of Biden’s COVID Stimulus Bill Labeled as the “American Rescue Plan Act”, this bill will affect a lot of individuals and businesses. Unemployment Compensation, retroactive to 2020 tax …
IRS Mistakenly Sent Non-Filing Notices
The IRS has posted a statement on its website acknowledging that it mistakenly sent non-filer notices to thousands of taxpayers regarding their 2019 returns (“CP59 notices”). The IRS shouldn’t have sent the CP59 notices because it hasn’t finished processing all …
The Kiddie Tax: What You Need to Know
2020: The Year of Unemployment Did your child collect unemployment this year? Your family may be impacted by a lesser-known piece of the Internal Revenue Code aptly labeled the “Kiddie Tax”. The Kiddie Tax was implemented by the Internal Revenue …
Prepare Your 2020 Tax Return With Our 1040 Checklist
2020 is finally over and we all know what that means! It’s time for tax season! The COVID-19 pandemic has changed the economic landscape for just about everyone, and some of these changes may directly affect your 2020 income tax …
Employee Retention Tax Credit (ERTC) Information to Know
The CARES Act (passed March 27, 2020) included a novel tax credit allowing eligible employers to claim a tax credit equal to 50% of qualifying wages, up to $10,000 of compensation, for a max credit of $5,000 per employee for …
