Tax Tips for the Self-Employed

There are many types of benefits that come from being your own boss.  When working for yourself, as an independent contractor, or carrying on a trade or business as a sole proprietor, you are generally considered to be self-employed. Here...

Special Guest Author Barry Demp: Stress Management Techniques For The Workplace

Owners and managers can encounter very stressful events in the workplace.  In order to help reduce these “workplace stressors”, try one or more of the following stress management techniques: Conduct “standing meetings.”  When someone enters your office, consider conducting your...

Five tax time tips!

  • January 24, 2012
  • Steve Wisinski, CPA, MAFF

The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April 17 this year, you can make tax time easier on yourself by getting an...

Update: Michigan Unclaimed Property Enforcement Warrants a Second Look

The State of Michigan is reinforcing their unclaimed property filing requirements.  You can review the Michigan Unclaimed Property manual here.  They recently sent out unclaimed property notices to all businesses that did not submit an unclaimed property report by July...

Reporting of Offshore Accounts (Part 2)

  • January 19, 2012
  • Steve Wisinski, CPA, MAFF

In Reporting of Offshore Accounts (Part 1), we discussed the requirements of disclosing and reporting foreign accounts on Schedule B of Form 1040 and the FBAR form.  For the year 2011 the IRS has issued a new Form 8938 Statement...

Unreported Offshore Accounts (Part 1)

  • January 17, 2012
  • Steve Wisinski, CPA, MAFF

The IRS has had an initiative to voluntarily disclose offshore accounts.  There is an annual filing of Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) which is due each June 30.  The voluntary reporting period is...

529 Plan Basics

“I don’t remember growing older.  When did they?”  As the words from Fiddler on the Roof imply, before you know it the children are grown and they are planning to head off to college.  Are you ready for the financial...

Make S-Corp Election to Eliminate Michigan Corporate Income Tax

  • January 10, 2012
  • Steve Wisinski, CPA, MAFF

As we have discussed in previous posts, the Michigan Business Tax (MBT) has been replaced  by the CIT (Corporation Income Tax).  Under the CIT, the following types of taxpayers are not subject to the tax:  Individuals Trusts & Estates  Partnerships...

Official Tax Season Kickoff!

  • January 6, 2012
  • Steve Wisinski, CPA, MAFF

The Internal Revenue Service opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their 2011 tax returns. You can watch a nifty YouTube video here. Taxpayers will have until Tuesday, April 17 to...

Tax Guide Can Help People Save on Their 2011 Taxes

  • January 5, 2012
  • Steve Wisinski, CPA, MAFF

Taxpayers can get the most out of various recovery tax benefits and get informed about the preparation of their 2011 federal income tax returns by reviewing the newly revised, comprehensive tax guide now available on IRS.gov. Publication 17, Your Federal...