The snow is gone in Michigan and we are watching Tiger Woods make an unexpected return to golf at the 2022 Masters in Augusta, Georgia. For many Michigan residents, the Masters marks the start of spring and a turn towards warmer weather. For many Michigan accountants, the Masters marks the winding down of our busy […]
FFCRA Tax Credits: What Practice Owners Need to Know
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide qualifying employees with additional paid time off. To cover these extra wages, your practice can claim FFCRA tax credits. The purpose of this article is to help practice owners understand four things: What are FFCRA tax credits? Who qualifies? How do you claim […]
Non-Cash Charitable Donations: What You Need to Know
Our tax team does many more standard deductions these days, but some of our clients still benefit from taking an itemized deduction. For those that do, many will provide us with a list of items that they donated to their favorite charity. The IRS has specific rules you must follow in order to get the […]
How to Stretch the Tax Benefits of Your Retirement Plan
IRA beneficiary planning is often overlooked as a tax-saving strategy. Failing to designate an IRA beneficiary, or choosing the wrong beneficiary, may cause unwanted tax consequences. Beneficiaries affect the speed of distributions Typically, at age 70 1/2 you are required to start taking distributions from your plan. April 1st, following the year in which you […]
Can I Deduct Business Expenses as an Employee?
Prior to January 1, 2018 employee business expenses could be deducted as an itemized deduction on your tax return if the amount, along with other miscellaneous deductions, exceeded 2% of your adjusted gross income. However, under the new TCJA tax law, all miscellaneous itemized deductions subject to the 2% floor are eliminated and have been […]
Section 199A: 7 Strategies for Maximizing Your Return
The Section 199A deduction is a brand new tax law taking effect this year. In order to take full advantage of any possible refund, it’s important to work with your tax advisor to understand the nuances of the law and how it applies to your unique situation. To get you started, we put together the […]