2012 Standard Mileage Rates

  • January 3, 2012
  • Steve Wisinski, CPA, MAFF

Just in time for the new year, the IRS has released the standard mileage rates for use in 2012 (Notice 2012-1). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Business use...

Temporary Extension of the Social Security Tax Cut

  • December 29, 2011
  • Steve Wisinski, CPA, MAFF

The recently signed Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages...

Year-End Tax Deduction Reminder!!!

  • December 27, 2011
  • Steve Wisinski, CPA, MAFF

There are only 3 ½ business days left in the year, and therefore very little time left to get in those last minute tax deductions… Some examples would be: making charitable donations (including cash, non-cash, appreciated stocks, etc.), paying your...

Holiday pay questions? Here are some answers…

'Tis the season for employees to enjoy some deserved time off with friends and family.  However, as an employer, you may have some questions regarding your employees compensated time off, such as: Do we have to provide paid holidays? Can...

One great “take away” from the NBA lockout…

The NBA returns on Christmas, but it leaves a good lesson for all of us.  Imagine you are the ex-wife of an NBA player.  As you (and he) faced the prospect of a locked-out season and reduced or total elimination...

New Term In Michigan Income Tax – “Total Household Resources”

The term “Total Household Resources” was created by the Michigan legislature in the Michigan Tax Reform MBT repeal and Replacement Act which takes effect January 1, 2012. Under the old law there was a computation called “Total Household Income” that...

2012 Retirement Income Taxable in Michigan

In 2012, the Michigan Individual Income Tax is changing.  Prior to 2012, all public retirement income was exclude from Michigan taxable income tax, and up to $45,120 for single and $90,240 for married of non-public retirement income was excluded from...

Personal income tax year end reminders: 2011 Federal and Michigan tax credits—last chance!

Federal tax credits for energy improvements to your home are still available; however, this is the final year.  The total credits you may have taken in prior years (since 2005) will be a limiting factor so you need to get...

2012 brings changes for Michigan retirees

Attention Michigan retirees (or any Michigan resident receiving IRA or pension distributions): Beginning in 2012 the state of Michigan will begin its newly restructured tax program.  This includes the taxation of pension and IRA income for some (not all) recipients...

Year End Tax-Planning Using Charitable Contributions

  • December 2, 2011
  • Steve Wisinski, CPA, MAFF

As December 31 fast approaches, you might want to do some simple income tax planning.  No one likes surprises after the first of the year when they prepare their tax returns. How can I minimize my tax bill?  If you...