Category: Tax
Score One for Small Businesses!
On Thursday, April 14, 2011, the President signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayment Act of 2011. It sounds ominous. Not so, it is a victory for small business. In 2010 there were 2 laws...
How to make gifts to your kids (with strings still attached!)
A common method of providing for education and long-term savings for children by parents is the creation of accounts under the “Uniform Gifts to Minors Act” (UGMA) or the more flexible “Uniform Transfers to Minors Act” (UTMA). This month’s edition...
Taking Aim at the AMT Tax
Over the past ten years a majority of our clients have become subject to a tax that is little known and even less understood: the Alternative Minimum Tax (AMT). The name actually does a good job of explaining what it...
SR Glossary: Document Retention
We all seem to be inundated with documents. They start piling up and we do not know which ones we should keep for documentation purposes and how long should we keep them. There are several types of documents typically generated...
Cancellation of debt: could you be taxed on it?
In today’s troubled economic times, cancellation of debt situations are on the rise. The big elephant in the room that a lot of people who help in these situations do not want to talk about is that this cancellation of...
Tax tips especially for RESTAURANTS
For 2011 the IRS has some significant tax incentives for businesses, especially restaurants: Depreciation: The bonus depreciation for equipment is 100% of the cost. If you make leasehold improvements, they qualify for Sec 179 deduction which can be as great...
Visualize how the government spends your tax dollars
DataViz Challenge is a collaberation between Eyebeam and Google (with data provided by ) to find a way to help taxpayers to visually understand just where you tax dollars ar going. Click here for an example of a visual representation. ...
Det News: How Snyder’s tax plan would affect 8 sample taxpayers
The Detroit News has a good article which shows how a sample of 8 different taxpayers would fare under Snyder's proposed tax structure versus the structure in place today. It shows that most taxpayers would pay more in taxes under...
Proposed Reforms to Michigan’s Tax Structure
On February 17, 2011 the State issued an explanation of the proposed elimination of the Michigan Business Tax (MBT), replacing it with a streamlined Corporate Income Tax. Click here to read the entire State release. Some of the proposed changes...
SR Glossary: Is this person working for me an employee or independent contractor?
We often get asked the question “Is this person working for me an employee or an independent contractor?” The classification can have many affects to the way they get paid and the cost of utilizing their services. For instance, if...