Category: Tax
Be aware of recent personal property tax exemption changes in Michigan
In December of 2012, Governor Snyder signed into law eleven bills affecting the taxation of personal property. The majority of these Acts do not take effect until December 31, 2015 for the 2016 tax year; further guidance on those Acts...
Holiday shoppers, don’t forget the Use tax!
Reminder! If you make purchases online or via catalogs from out-of-state vendors, you may be responsible for Use tax! With holiday shopping in full swing, remember use tax is due on any purchases made where the seller did not collect...
Beware of the Tax Grinch when Giving Gifts to Clients or Employees
With the holiday season right around the corner we thought it would be a good idea to remind everyone of the tax rules related to gift giving. While gifts given customer or employees are a great way to generate good...
Preparing for an audit? Don’t panic and follow these steps…
Small business owners may receive some unwanted mail in 2014--an IRS audit notice. While it's likely a randomly generated inquiry into your business, the mere thought of accounting for every last step on your tax trail can be daunting. We...
Home Office Deduction: The IRS Offers a New Method
Starting with the 2013 return, the IRS released Rev. Proc 2013-13 which gives taxpayers an optional safe-harbor method to calculate the amount of deduction for expenses for qualified business use of a residence. Individual taxpayers who elect this method can...
First-time offenders offered abatement from IRS
The IRS has updated its First-time Abate (FTA) policy, which allows a first-time non compliant tax payer abatement of certain penalties for a single tax period. The change comes after an April 2013 report from the Treasury Inspector General for...
Tax tips to remember when renting out your vacation home this summer
Summertime is vacation rental time, and if you're the landlord of a property used for vacation rentals, the IRS has provided tips on renting a house, cabin, apartment, condominium, mobile home, or boat. Rental income must be reported as taxable...
ACA Healthcare Compliance Deadline for Large Employers Extended
Employers with more than 50 employees who have struggled to understand their responsibilities under the Affordable Care Act (ACA) can breathe a sigh of relief: the Obama Administration announced recently it has delayed until 2015 the requirement that large employers...
SR Client Question: Can I deduct my medical and dental expenses?
If you paid for medical or dental expenses last year, you may be able to get a tax deduction for costs not covered by insurance. However, there are seven facts you should know about claiming the medical and dental expense...
Defer Tax with an Installment Sale
When you sell an asset on installment, you may be able to avoid paying tax in the year of sale and instead pay tax on your gain as you receive payments over future years. Under the tax law, an installment...