Ideas & Insight

Tax Penalty Relief: Small businesses in Michigan scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. All tax penalties are waived for 30 days, including interest. Click here for more details. What about other State Taxes? The State of Michigan is […]

On March 18, 2020, shortly after it was passed in the Senate, President Trump signed H.R. 6201, the Families First Coronavirus Response Act (the “Act”) into law. The new law takes effect on April 2, 2020 and will remain effective until December 31, 2020. The bill provides paid sick leave and free coronavirus testing, expands […]

What is a reasonable business owner salary? If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not […]

The 2019 gift tax return deadline is looming. If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so […]

How important is marketing to your business? In business, a failure to evolve may lead to failure. One way to keep your company rolling is to regularly adjust how you market products or services to customers and prospects. A marketing strategy shouldn’t be a knee-jerk reaction to some enticing rumor or hot trend. Rather, it […]

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The Work Opportunity Tax Credit was set to expire in 2019, but has been extended […]

Not ALL interest on home mortgage loans is deductible. If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Not true! First, keep in mind that you must itemize deductions […]

If your company has more than one owner, you can manage risk with your buy-sell agreement. Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and a liability policy.  You can manage risk with the additional protection that a buy-sell agreement provides. If your business has […]

How often do you schedule a 401(k) plan checkup? In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming […]

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]