Category: Tax

How to classify an employee vs. independent contractor

The classification of employee vs. independent contractor can have many ramifications, from the way the person gets paid to the cost of utilizing their services.  For instance, if someone performing services for your company is an independent contractor, you do...

Scam Alert: Fraudulent or misleading tax information online

All tax advice is not equal, and all tax advice on the internet and social media is DEFINITELY not equal!  We sometimes have clients call to verify information they've learned from a friend on Facebook or an influencer on Instagram,...

IRS rules general health and wellness expenses are NOT medical expenses

  • March 11, 2024
  • ShindelRock

 IRS has recently said that personal expenses—things like food and general wellness purchases—are not deductible or reimbursable under health flexible spending or reimbursement arrangements, health savings accounts, or medical savings accounts. The warning comes after what the IRS said were...

Tax credits for new clean vehicles purchased in 2023 or after

If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you information about...

Tax relief for Michiganders affected by storms on August 24, 2023

  • February 26, 2024
  • ShindelRock

The IRS announced tax relief for individuals and businesses designated by the Federal Emergency Management Agency in parts of Michigan affected by the severe storms, tornadoes and flooding that began on August 24, 2023. The areas include: Eaton, Ingham, Ionia,...

Three big changes coming to Michigan income tax returns

When the Michigan Department of Treasury starts processing 2023 state income tax returns on Jan. 29, there will be three big changes taxpayers should expect thanks to a tax overhaul signed into law in 2023 by Gov. Gretchen Whitmer: All...

Income Tax Credit for Working Families Checks will be Sent in Early 2024

Michigan families will receive Michigan Earned Income Tax Credit (Michigan EITC) for Working Families checks ahead of schedule, beginning February 13, 2024. The administration is taking steps to send the checks to more than 700,000 Michigan households, putting an average...

2024 Standard Mileage Rates announced

Beginning January 1, 2024, the standard mileage rates for cars, vans, pickups, and panel trucks will be 67 cents per mile for business purposes, 21 cents per mile for medical or moving purposes for qualified active-duty members of the Armed...

IRS Announces Pandemic-Related Penalty Relief

  • January 2, 2024
  • ShindelRock

The IRS is offering new penalty relief for approximately 4.7 million individuals, businesses, and tax-exempt organizations that were not sent automated collection reminder notices during the COVID pandemic. Due to the unprecedented effects of the COVID-19 pandemic, the IRS temporarily...

Managing tax implications for professional athletes

Professional athletes can have unique income and expense circumstances to consider when tax filing season comes.  These typically high-income individuals must be extremely mindful of the tax implications associated with their careers. Doing so will not only help them maximize...