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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
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
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 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
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 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
Common Mistakes to Avoid in Your 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
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.