Category: Tax
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 Raises Estate Tax Exemption Amount for 2024
For 2024, the federal estate tax exemption amount will increase to $13.61 million, up from $12.92 million in 2023. This means that estates valued below this threshold won't owe federal estate taxes, potentially saving heirs from a substantial tax bill....
Potential Private Retirement Benefit Information notices sent by SSA
The Social Security Administration (SSA) recently sent notices to social security filers regarding Potential Private Retirement Benefit Information. This notice informs recipients about potential retirement benefits earned from private employer plans, known as "deferred vested benefits". The IRS provided this...
Using the “Cohan Rule” to take record-less deductions
Most taxpayers understand the importance of maintaining thorough records to substantiate tax deductions and credits. These records are not only essential for tax purposes but also play a critical role in various scenarios such as insurance claims, wage disputes, and...
IRS pauses the processing of new Employee Retention Credit (ERC) claims
Internal Revenue Service has placed an immediate moratorium on processing new Employee Retention Credit (ERC) claims following growing concerns that a substantial share of these claims are ineligible and putting businesses at financial risk by being scammed by aggressive promoters....
You may qualify for monthly Medicare premium refund
Medicare premiums for Parts B and D are determined by the Income-Related Monthly Adjustment Amounts (IRMAA), which follow a sliding scale based on income. These premiums are typically calculated using income reported to the IRS from two years prior (e.g.,...
SR Client Question: Is there a time limit on claiming a tax credit or refund?
Answer: The latest date, by law, you can claim a credit or federal income tax refund for a specific tax year is generally the later of these two dates: 3 years from the date you filed your federal income tax...
Cash payments may trigger Form 8300 e-filing requirement in 2024
Guarding against tax evaders, drug traders, and those who finance terrorism, the IRS requires certain businesses that receive payments of more than $10,000 in cash to file a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade...