What Type of Entity Should Your Business Be?

What Type of Entity Should Your Business Be?

The chart below is a good summary of the differences between popular business entity options. Business Entity Comparison Chart

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IRS Facts about Filing & Paying Late

IRS Facts about Filing & Paying Late

April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. The number of electronic […]

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The Earned Income Credit

The Earned Income Credit

The number of returns claiming the Earned Income Tax Credit (EITC) has grown in recent years, but that doesn’t mean it that taxpayers understand the complexity of it.  The earned income credit is a refundable tax credit designed for lower income working families and individuals. However, there are many requirements that must be met to […]

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Top Reasons to File Your Taxes Early

Top Reasons to File Your Taxes Early

Every April, many taxpayers wait until the last minute to file their federal income tax returns, whether from taking more time to find and organize their documents or from simple procrastination. As long as individuals get their taxes in by the April 15 deadline, they will not incur any late filing penalties. However, waiting until […]

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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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