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Individual Income Tax Update—Tax Year 2022 

  • Chase Kallil
  • Tax
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, …

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How to Calculate and Pay Your Estimated Individual Income Taxes

  • Chase Kallil
  • Tax
How to Calculate and Pay Your Estimated 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 …

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Outsourcing Payroll – Top 8 Benefits to Your Business

  • Chase Kallil
  • Accounting, Payroll
Benefit of Outsourcing Payroll - How Outsourcing Payroll Can Benefits 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 …

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Employee Retention Credit – Are You Eligible?

  • Caity Bejster
  • Accounting, Tax
Employee Retention Credit

It’s no secret that retaining employees can be a challenge for businesses. In today’s competitive marketplace especially, good employees are in high demand, and it can be difficult to keep them from jumping ship to a competitor. Plus, replacing an employee often is not a fun task. Not only do you have to go through …

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Importance of Accounting & Bookkeeping Services for Law Firms

  • Caity Bejster
  • Accounting
Bookkeeping Services for Law Firms

Every business owner should maintain well-organized financial records, but for a law firm, the stakes are especially high. As in other industries, clean, detailed books help the law practice to thrive and grow. They allow owners to better understand their financial position and plan for the future and give banks and other potential lenders confidence …

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Implications of Self-Employment-Benefits, Drawbacks, and Considerations

  • Chase Kallil
  • Tax
Implications of Self-Employment

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 …

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Should You Outsource Bookkeeping Services For Your Business?

  • Chase Kallil
  • Accounting
Bookkeeping Services For Small Businesses

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 …

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Should you make the Michigan flow-through Entity Tax Election?

  • Chase Kallil
  • Tax
michigan pass-through entity tax

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 …

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Common Mistakes to Avoid in Your Tax Planning

  • Caity Bejster
  • Tax
Tax Planning

Whether you are a business owner or an employee, taxes can loom large as an intimidating subject, and trying to find answers to seemingly simple questions can quickly turn into a dive down the rabbit hole. Many people simply wash their hands of the topic and go about their daily work, only to be left …

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How to Form an LLC in Michigan?

  • Caity Bejster
  • Business Consulting
Form an LLC in Michigan

Introduction In recent years, limited liability companies have emerged as the ideal business structure for many small to medium-sized entities in a range of industries. It’s easy to see why, as they are more flexible and tax-efficient than other, more traditional arrangements. Their hybrid nature allows the company to capitalize on many of the benefits …

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Benefits of Forming an LLC in Michigan

  • Caity Bejster
  • Business Formation
Benefits of Forming an LLC in Michigan

Introduction  Each of the common entity types (including sole proprietorships, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, S corporations, and C corporations) comes with its own set of benefits and downfalls. The pros and cons vary depending, among other concerns, on whether you’re starting a small/family-sized business with limited foreseeable partners, or …

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2022 Tax Law Changes That Will Affect Your Business

  • Chase Kallil
  • Tax
2022 Tax Law Changes That Will Affect Your Business_CK

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. …

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