Macomb: 586-468-0200 - Novi: 248-380-1811
What’s Changed? The 2019 tax season is vastly different from the years prior. Below are five things that have affected the 2019 tax season the most. Government Shutdown The government shutdown for three weeks has slowed the IRS down. They are working through the backlog, but individuals are seeing longer wait times for correspondence notices …
Why the $0 Tax Bill? Amazon has historically been severely unprofitable, but has turned around in recent years and became consistently profitable, reporting nearly $11 billion in earnings last year. But despite the company’s growth, Amazon’s tax bill has decreased. The company paid $0 in corporate income taxes last year. How They Do It Amazon …
Why Your Tax Refund is Less Than Last Year’s Should you be upset about a smaller refund for this year’s tax season? On average, refunds are 9% lower this tax season. With the Tax Cuts and Jobs Act (TCJA) passed in December 2017, individuals are seeing lower tax rates and virtually double standard deductions. Corporate …
Bowling 300 Games Bowling is great family fun, and there is nothing better than rolling a set with your parent or your child. The Lotito family, with a long history of bowling locally in many classic and traveling leagues, have enjoyed their bowling passion together for decades. Ken Lotito, the family bowling patriarch, taught his …
When will I get my tax refund? Economists will say that taxpayers should break even with the IRS at the end of the year, because they use your money interest free, but the stark reality is that it’s very difficult for people to discipline themselves to put away $20-$100/week so that there’s $1,000-$5,000 at the …
Wondering when your taxes are due? We all know individual tax returns are due April 15, but what about other tax paperwork? Below are the various deadlines for all tax-related documents. March 15, 2019 This is the deadline for 2018 corporate tax returns, and they must mail out the following: Form 1120 Form 1120-A Form …
Selling your product in another state? The rules are changing Historically, the onus of paying sales tax has been on the buyer. But now with ecommerce being so prevalent in today’s world, a lot of states weren’t getting their cut of the e-business being done virtually. So states are passing new laws shifting the burden …
Tax Time Receipt Round-up Wondering what receipts you need to gather to do your taxes? Join Abacus and Jennifer as they discuss what receipts you should find and keep come 2018 tax time. (Ya we know, it’s never fun!) Subscribe to NerdTube
H.R.1 Tax Cuts & Jobs Act FAQ Is small business income receiving benefits in this measure? Yep. Individuals in small pass-through businesses are going to be taxed at lower rates. You’ll get a write-off to equal 20% of the businesses’ income which is super cool. Of course, certain high earnings deductions will be capped at …
5-Min Tax Briefing If you’re 70 ½ or older and have a traditional IRA, you may want to consider making a Qualified Charitable Distribution (QCD) before the end of the year. A QCD allows you to give money directly from your IRA to a qualified charity without counting it as taxable income. For 2024, you …
