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 [...]
This is certainly a good news, bad news message. That the cost of living for all of us, from food to commodities like gasoline, has gone through the roof over the past several years is no surprise and painful. That is clearly the bad news. The good news is that the tax law provides for [...]
By this point virtually every business owner in Michigan has received a State mailing putting them on notice that they are looking for any unclaimed property businesses may hold. This can include uncashed vendor checks, uncashed payroll checks, customer overpayments, and inactive bank accounts, to name a few. While this law has been on the [...]
The IRS has recently announced that the deadline to file your 2011 tax return and pay any balance due has been moved to Tuesday April 17, 2012. For more information on this and other matters impacting your 2011 tax filings please copy the following link into your web browser. http://www.accountingtoday.com/news/IRS-Extends-Tax-Filing-Deadline-April-17-61316-1.html
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
Governor Rick Snyder’s tax increase on both private and public pensions was recently upheld by the Michigan Supreme Court. Only a portion of the new law didn’t pass muster with the high court since, in the courts opinion, it created a graduated income and thus is considered illegal. This was certainly one of the more [...]
The Michigan State Tax Commission has, by way of Bulletin 14 of 2011, issued notification of the 2012 inflation rate multiplier, to be used for calculating 2012 taxable values. The multiplier is 1.027, or a 2.7% increase. Therefore, pursuant to Michigan statute enacting Proposal A of 1994, the 2012 taxable value for your property, absent [...]
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 IRS has announced a voluntary program that provides an opportunity for taxpayers to reclassify their workers for employment tax purposes. The contractor vs. employee controversy is one that has been on the radar screen for the IRS for decades, however, the actual attempts by the government to convert contractors to employees for payroll tax [...]
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