Blog posts from: 2012

DOCTORS, DOLLARS, & SENSE: A Panel Discussion About the Potential Legal and Financial Implications of Practicing Medicine

  • October 29, 2012
  • Steve Wisinski, CPA, MAFF

Our popular program for residents and young medical practictioners returns!  Join ShindelRock, The Centennial Group, and Joseph, Kroll & Yagalla, P.C. for a panel discussion about potential legal and financial implications of practicing medicine Wednesday, Nov. 7 at Zazio's in...

Client News: Big Frog opens Novi store

  • October 26, 2012
  • Steve Wisinski, CPA, MAFF

Hop on by Big Frog's new Novi location for a “one stop shop” for full color, direct to garment, custom printed t-shirts and more at: Novi Town Center26036 Ingersol DriveNovi, MI 48375 Whether it’s a team activity, a special occasion,...

Special Guest Author Kevin J. Zezula: Taking Advantage of the 2012 Gift Tax Exemption

Tax provisions enacted in 2010 increased the 2012 lifetime gift tax exemption to $5.12 million and lowered the top gift tax rate to 35%.  Beginning in 2013, absent any new legislation, the estate and lifetime gift tax exemptions are scheduled...

Reminder: The Mortgage Debt Relief Act of 2007 is set to Expire December 31, 2012

The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude up to $2 million of forgiven debt on their principal residence in calendar years 2007 through 2012 as long as the discharge of debt is directly related to a...

Frankly, my dear, you should consider long-term care insurance

When creating an estate plan, you should consider the risk of someday losing control over your physical or mental faculties.  Advances in medical science mean that many people are living longer.  However, with that extended life span comes the real...

IRS Audit Red Flags: The Dirty Dozen

  As recently reported by Kipplingers, here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. Making too much money Failing to report all taxable income Taking large charitable deductions Claiming the...

SR Client Question: What Moving Costs are Deductible?

If you are moving to start a new job or even the same job at a new job location, the following are some tax tips on expenses you may be able to deduct on your tax return. 1. Expenses must be...

Casual Gambling Income and Losses

  • October 9, 2012
  • Steve Wisinski, CPA, MAFF

If you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can...

Tips for Making Charitable Donations

Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met.  1. Tax-exempt status. Contributions must be made to qualified charitable organizations to be deductible....

Eight Tax Tips for Selling a Home

For those who have sold or are about to sell their home, if you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. The...