Ideas & Insight

Starting to take effect on January 1, 2023 the minimum wage in Michigan: Will increase from $9.87 to the new rate of $10.10. This is a $0.23 increase from the current rate. The 85% rate for minors aged 16 and 17 will increase from $8.39 to $8.59 per hour. This is a $0.20 increase from […]

Summary of the advantages and disadvantages of starting a C-Corporation.

Tax-harvesting. When is the right time to use this strategy?

Read to learn about final tax responsibilities when you are closing your business.

Basic Tax Rules for donating to Charity or Loved Ones this holiday season.

May the good things of life be yours in abundance, not only at Thanksgiving but throughout the coming year! From all of us at Hare CPAs

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the […]

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of […]

Companies that have a history of deducting research and experimental (R&E) expenses will need to prepare for a bigger tax bill. Prior to this, businesses have been able to deduct their R&E expenses in the same year in which they incurred them. However, for tax years beginning after December 31, 2021, all businesses will need […]

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet […]