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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 …
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 …
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 …
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 accelerated depreciation. This simply means that you claim more depreciation expense in the year of …
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. …
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 with so much power over your finances. This process can be like walking a tightrope between …
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 …
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 tax. FICA taxes differs from the federal and state income tax by taking a percentage …
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 year. The first $10,200 of unemployment benefits will be nontaxable per taxpayer, assuming their adjusted …
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 2019 returns that were filed. The IRS sends CP59 notices to taxpayers who failed …
