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Standard Mileage Deduction vs. Actual Auto Expenses
If you’re self-employed and spend a significant portion of your business day driving from Point A to Point B, it’s crucial that you track your mileage and auto expenses. There are two methods available for taxpayers to offset their self-employment income with their vehicle costs: i) standard mileage deduction and ii) actual auto expenses. The
What Is a Revocable vs Irrevocable Trust in Estate Planning
Did you know that probate can take a good 3 to 7% of an estate’s value? This is because the court proceedings are lengthily and therefore costly, thus reducing the amount your beneficiaries stand to inherit. Fortunately, there are ways to minimize this impact, such as utilizing a trust. A trust is a separate legal entity that
Why Do You Need an Accounting Software?
Imagine spending hours of your precious time counting beans the old-fashioned way, hard keying transactions one by one into a double-entry ledger. Or even worse… an archaic, make-shift accounting system you devised that “works for you”, but leaves you scrambling as tax season approaches. Or maybe it doesn’t work as well as you think, and
Individual Income Tax Update—Tax Year 2022
Individual Income Tax Update—Tax Year 2022 Taxes, they’re never fun. Every year we have to shell out a chunk of our hard-earned money to the government, and it can be frustrating not knowing exactly how much you’ll owe until it’s time to file your return. But while paying taxes may not be anyone’s favorite pastime,
How to Calculate and Pay Your Estimated Individual Income Taxes
How to Calculate and Pay Your Estimated Individual Income Taxes It’s mid-February and you’ve finally managed to gather all of your tax data and send it in to your accountant. You know you had a small refund the prior year and that you received approximately the same amount of income this year, which is why
Outsourcing Payroll – Top 8 Benefits to Your Business
Managing a business is a massive task, made up of many little ones that consume your time. With so many moving parts, it’s easy for the to-do list to fall out of control, and the constant stress of trying to keep up can increase mistakes and catalyze burnout. It may be time to consider outsourcing
Implications of Self-Employment-Benefits, Drawbacks, and Considerations
When you think about the traditional nine-to-five job, what comes to mind? A suit and tie? An office with a view? Or, maybe you think about the grind of the daily commute and the politics of working with a team. Whatever your perception, there’s no doubt that for many people, the traditional job is not
Should You Outsource Bookkeeping Services For Your Business?
Imagine this scenario: it’s the end of the year, and you’re up to your eyeballs in receipts, invoices, and tax documents. You know you need to get your books in order, but the thought of doing it yourself makes you want to pull your hair out. Sound familiar? If you’re a small business owner, chances
Should you make the Michigan flow-through Entity Tax Election?
MICHIGAN FLOW-THROUGH ENTITY TAX ELECTION House Bill 5376, enacted on December 20, 2021, by Michigan Governor Whitmer, offers owners of Michigan pass-through entities (e.g., LLCs and S Corporations) a workaround to the state and local tax (“SALT”) deduction limitation enacted by the Tax Cuts and Jobs Act (“TCJA”) for as long as the aforementioned provision
2022 Tax Law Changes That Will Affect Your Business
Keeping up with tax law changes year-round is essential for both businesses and individuals. An announcement from the Internal Revenue Service (“IRS”) could mean an opportunity to take advantage of a new deduction or credit, a disadvantageous provision to be aware of, or a proposed tax law change that may be enacted in the future.