Macomb: 586-468-0200 - Novi: 248-380-1811
Tax season can be confusing at the best of times, especially when awaiting your Michigan state tax refund. Understanding how the refund process works and what to expect can help ease concerns and set realistic expectations. If you’re wondering where your Michigan tax refund is, how long it will take to receive it, and …
Retirement Withdrawals & Medicare In 2025, retirees often encounter two big surprises when it comes to Medicare: 1. Medicare Isn’t Free: While Medicare provides health coverage for those over 65, the costs vary based on income and coverage choices. 2. Premiums Can Fluctuate: Medicare Part B and Part D premiums are tied to your income …
IRS to Pensioners: Don’t Skip Your RMDs or Risk a Hefty Tax Bite The IRS has issued a no-nonsense reminder to pensioners: if you’re 73 or older, it’s time to take your Required Minimum Distributions (RMDs). Failure to do so could land you with a tax penalty that might make you wince—a hefty up-to-25% bite …
When it comes to tax planning, knowing the difference between tax credits and tax deductions can make a big difference in how much a business or individual pays in taxes. Both are designed to reduce your tax burden but they work differently. Tax credits give you a dollar for dollar reduction in the amount of …
CPA Nerds often get questions from educators wondering if they can deduct classroom expenses on their taxes. The good news is that eligible teachers and school employees can deduct certain out-of-pocket classroom costs, offering some relief on their tax returns. Here’s the latest tax law updates and what you need to know for 2024. Who …
Following the devastating storms, flooding, and tornadoes that struck Michigan in August 2023, the Internal Revenue Service (IRS) swiftly enacted crucial tax relief measures for affected individuals and businesses. The IRS provided information on Michigan storm tax relief provisions, including extended filing deadlines, exceptions, and penalty abatements, to alleviate the financial burdens Michigan storm victims …
IRS LT38 Collections 2024: Understanding the Resumption Notices The Internal Revenue Service (IRS) has recommenced the distribution of collection notices to taxpayers, marking a continuation of its automated reminder system. These notifications, which resumed dispatch in January, are being sent via regular postal service on a phased basis over the forthcoming months, targeting an audience …
Embark on the tax season quest of 2024 with the precision of a seasoned strategist armed with the latest updates and critical deadlines in the realm of taxation. This year unveils a series of pivotal tax dates that demand the attention of every individual, enterprise, and arcane tax mage. By harnessing the power of foresight …
Understanding the FinCEN Reporting Mandate What Small Business Owners Need to Know The year 2024 brings new federal reporting requirements for small businesses across the United States. This mandate, overseen by the Financial Crimes Enforcement Network, commonly referred to as FinCEN, a bureau of the U.S. Department of the Treasury, is aimed at combating financial …
Phase II of ERC Amnesty Program: What Businesses Need to Know The IRS has unveiled a second phase of the Employee Retention Credit (ERC) amnesty program. This program allows businesses that previously received ERC funds to return them without facing future penalties. Eligibility criteria include no criminal investigations, no third-party alerts, and no prior notice …
