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Tax
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 …
Accounting
Accounting for Rental Properties: What You Need to Know
Nobody loves filing their taxes, especially when you need to account for rental properties. This task can come with a major learning curve, especially for …
Construction & Real Estate
1031 Exchange: What Real Estate Investors Need to Know
As you sign the last piece of paperwork to relinquish the property you’ve been working hard to sell for months, and you feel a wave …
Estate Planning
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, …
Bookkeeping
How to Track Your Income and Expenses
Introduction Is the fear of financial tracking and recordkeeping holding you back from starting your side hustle? Or maybe you’ve been in operation for a …
Accounting
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… …
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 …
Tax
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 …
Accounting
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 …
Accounting
Employee Retention Credit – Are You Eligible?
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 …
Accounting
Importance of 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 …
Tax
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 …
Standard Mileage Deduction vs. Actual Auto Expenses
- Chase Kallil
- Tax
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 …
Standard Mileage Deduction vs. Actual Auto Expenses Read More »
Accounting for Rental Properties: What You Need to Know
- Caity Bejster
- Accounting, Real Estate
Nobody loves filing their taxes, especially when you need to account for rental properties. This task can come with a major learning curve, especially for new investors. However, it’s a familiar pain for many, as there are over 11 million independent landlords across the US. Fortunately, with the right tips and knowledge, you can make tax time …
Accounting for Rental Properties: What You Need to Know Read More »
1031 Exchange: What Real Estate Investors Need to Know
- Caity Bejster
- Construction & Real Estate
As you sign the last piece of paperwork to relinquish the property you’ve been working hard to sell for months, and you feel a wave of relief wash over you. However, the feeling is short-lived, as you quickly begin to worry about the tax implications of your windfall. This is a reasonable concern, as the …
1031 Exchange: What Real Estate Investors Need to Know Read More »
What Is a Revocable vs Irrevocable Trust in Estate Planning
- Chase Kallil
- 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 …
What Is a Revocable vs Irrevocable Trust in Estate Planning Read More »
How to Track Your Income and Expenses
- Caity Bejster
- Bookkeeping
Introduction Is the fear of financial tracking and recordkeeping holding you back from starting your side hustle? Or maybe you’ve been in operation for a few years but you’re struggling to understand how to organize your books and records. In years past our only option was paper and pen, but as technology has evolved, we’re …
Why Do You Need an Accounting Software?
- Chase Kallil
- Accounting
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
- Chase Kallil
- Tax
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
- Chase Kallil
- Tax
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 …
How to Calculate and Pay Your Estimated Individual Income Taxes Read More »
Outsourcing Payroll – Top 8 Benefits to Your Business
- Chase Kallil
- Accounting, Payroll
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 …
Outsourcing Payroll – Top 8 Benefits to Your Business Read More »
Employee Retention Credit – Are You Eligible?
- Caity Bejster
- Accounting, Tax
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 …
Importance of Accounting & Bookkeeping Services for Law Firms
- Caity Bejster
- Accounting
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 …
Importance of Accounting & Bookkeeping Services for Law Firms Read More »
Implications of Self-Employment-Benefits, Drawbacks, and Considerations
- Chase Kallil
- Tax
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 …
Implications of Self-Employment-Benefits, Drawbacks, and Considerations Read More »
Should You Outsource Bookkeeping Services For Your Business?
- Chase Kallil
- Accounting
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 Outsource Bookkeeping Services For Your Business? Read More »
Should you make the Michigan flow-through Entity Tax Election?
- Chase Kallil
- 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 …
Should you make the Michigan flow-through Entity Tax Election? Read More »
Common Mistakes to Avoid in Your Tax Planning
- Caity Bejster
- Tax
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 …
How to Form an LLC in Michigan?
- Caity Bejster
- Business Consulting
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 …
Benefits of Forming an LLC in Michigan
- Caity Bejster
- Business Formation
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 …
2022 Tax Law Changes That Will Affect Your Business
- Chase Kallil
- Tax
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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