December, 2013

What You Can Learn From Your Tax Return

What You Can Learn From Your Tax Return

Tax time may be over, but before you store your return in the attic, take a moment to review it. According to the Michigan Association of CPAs, you’ll find that you can discover a lot about your financial situation and identify changes that will improve your tax outlook before it’s time to file next year’s […]

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Record Retention Guide

Record Retention Guide

Clients are always calling our office asking how long we recommend they keep their financial records. Keeping good personal and business records is helpful for many reasons besides just taxes, such as when trying to obtain a new loan, for medical reasons or just for being organized. So today after Jim spoke to another client […]

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Identity Theft & Fraudulent Tax Returns

Identity Theft & Fraudulent Tax Returns

This past tax season we received many phone calls from clients complaining or concerned about the long length of time it took for them to receive their refunds. The delays in refunds were because of the new steps the IRS took this year to weed out fraudulent refund claims. Counterfeit tax returns occur when a […]

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Common Itemized Deductions

Common Itemized Deductions

A standard deduction is a fixed amount of tax deductions from income that a taxpayer may choose to make without having to itemize them. (Standard Amounts = Single $5,700; Married Filing Jointly $11,400; Head of Household $8,400; Married Filing Separately $5,700; Qualifying Widow(er) $11,400) If you itemize, you can deduct a part of your medical […]

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Affordable Care Act – Simplified for Small Businesses

Affordable Care Act – Simplified for Small Businesses

Summary Starting on January 1, 2014, the Affordable Care Act goes into effect, making health insurance mandatory for most Americans. The goal of this new health law is to provide access to quality, affordable health care coverage. Your employees will be required to have health coverage or pay a tax penalty. Some employees may qualify […]

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5 Financial Tips for Single People

5 Financial Tips for Single People

Almost half of all adult Americans—or nearly 100 million people—either have never been married or are divorced or widowed. Many of these people incorrectly decide that financial planning is something that only married people do, but it’s always advisable to make sound financial decisions that will pay off now and in the future. The Michigan […]

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