The IRS has recently released this handy tool on their website www.irs.gov to help you in preparing your 2011 tax return. Due to the fact that this credit originally started out as an interest free 15 year loan and then was later changed to an actual tax credit, filing your return for the next several [...]
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car, van, or pickup truck will be: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
One of the existing rules under HARP is about to get a major rewrite during 2012. Currently homeowners whose loans are owned by Fannie Mae or Freddie Mac can refinance their underwater home if the loan to value (LTV) is less than 125% of the appraised value. During 2012 as the major changes to this [...]
The IRS just recently issued some revised tax numbers for 2012. Here are a few highlights: Standard Deduction: $11,900 for married couples filing a joint return. Personal Exemption: $3,800 Annual Gift Exclusion: $13,000 The full list of adjusted numbers can be found in IRS Revenue Procedure 2011-52 or copy the following link from the IRS [...]
Wouldn’t it be great if you had a second chance? Of course it would be. We all love to play Monday morning quarterback. If you converted an IRA to a Roth IRA during 2010 you still have a second chance to undo this conversion if you need to. However you only have until Monday October [...]
The Michigan Senate is currently in talks to reform or phase out the personal property taxes that businesses’ pay on items such as machinery, computers and other equipment. While it’s easy to cut revenues the question will be how or if the lost revenues will be replaced. The devil will definitely be in the details [...]
The other day I read an interesting article about the United States Postal Services current money problems. Here are some of the problems that they are facing. Projected annual loss of over $9 billion dollars. Annual losses expected to reach $20 billion dollars by 2015. Need to contribute a $5.5 [...]
“The 7 Most Common Money Mistakes That Entrepreneurs Make” article by Mike Michalowicz points out various mistakes that professional advisors see all the time. Entrepreneurs typically are in a hurry to open their business but forget to do the proper planning or to line up enough capital. As the article points out in the tax [...]
Here is a brief outline of major tax changes in the state of Michigan that start January 1, 2012. Business Tax Changes: Michigan Business Tax is replaced by the Corporate Income Tax which taxes corporate income at a rate of 6%. S Corporation, limited liability companies and partnerships would not be subject to this tax [...]
I am often asked what we do after the tax filing deadline is over. Anne Field’s article “6 Ways to Get the Most Out of Your Accountant” provides a good insight into what your accountant does the rest of the year after your taxes are filed. We are your business partner by negotiating with lenders [...]
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