Category: SR Client Questions
SR Client Question: When are transportation expenses deductible?
The IRS has rules to determine if transportation expenses are deductible. Here are a few of their guidelines: Between home and regular or main job, Never deductible. Between home and temporary work location, Deductible if you have a regular or...
SR Client Question: How can I check the status of my refund?
It's a question we get often this time of year--"Where's my refund check?!" Fortunetly, both the IRS and the State of Michigan have made it easy to check the status of your check online: IRS 1. Go to www.irs.gov 2. ...
SR Client Question: What should I know about the Uniform Transfers to Minors Act?
UTMA (Uniform Transfers To Minors Act) replaced UGMA (Uniform Gifts To Minors act). In addition to gifts of securities, life insurance policies, annuities and cash, the new act also provides for gifts of other property interest, real property and titled...
SR Client Question: Can scholarship money awarded to my child be taxed?
Recently, we have been working with a client with a child who received Scholarships and Grants for college in excess of their qualified tuition and fees. Great news for Mom and Dad, right!? Yes, but unbeknownst to the client, this...
SR Client Question: Can I withdraw from my IRA to cover medical expenses?
Typically, withdrawing from your IRA or 401(k) early means big penalty charges. However, there are two medical exceptions to the “early distribution penalty” (10% penalty for early distributions from an IRA, or other qualified pension plan): 1. Distributions due to...
SR Client Question: What should I consider when I begin estate planning?
Initiating the estate planning process is a big step, one too many people avoid for too long. Regardless of your assets or life stage, everyone should undergo an end-of-life planning exercise, primarily through creation of an estate or trust. Customizing...
SR Client Question: Can I deduct a bad debt to a family member?
It happens, your relatives ask to borrow some money, and you, against your better judgment, loan them the money….. It is not unprecedented that some (ok, most) of these loans do not get paid back. When loans among family members...
SR Client Question: Can having a child help me reduce my taxes?
Having a child may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are planning to be a parent, or already are a parent, here are eight benefits you should not miss when filing...
Tax Day Question: What are my chances of getting audited?
The IRS recently released data showing that overall audits were down in fiscal 2012 to 1.03 percent of all tax returns filed, as compared with 1.11 percent the previous year. The results: The IRS Is Conducting Fewer Individual Audits, But...
Client Question: Are Electronic Health Record incentive payments are taxable?
Yes! A popular belief is that the incentive payments made to eligible professionals and hospitals that adopt, implement, upgrade or otherwise demonstrate "meaningful use" of certified electronic health records (EHR) are not taxable. This is not the case. In fact,...