Unlocking the mystery of taxes on employer-issued nonqualified stock options
November 13, 2024 | Megan Kosciolek, MST
Do you have employer issued nonqualified stock options? If so read on to find out the tax issues you may face with them.
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Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
December 15, 2022 | Megan Kosciolek, MST
Read to learn if your business qualifies for a QBI deduction.
Minimum Wage in Michigan Increases on January 1, 2023
December 13, 2022 | Skyler McCurry
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 […]
Choosing a business entity? Here are the pros and cons of a C corporation
December 10, 2022 | Ryan Burke, CPA, MSF
Summary of the advantages and disadvantages of starting a C-Corporation.
Strategies for investors to cut taxes as year-end approaches
December 7, 2022 | Brian Hare, CPA, CGMA
Tax-harvesting. When is the right time to use this strategy?
Is your business closing? Here are your final tax responsibilities
December 4, 2022 | Megan Kosciolek, MST
Read to learn about final tax responsibilities when you are closing your business.
Year-end giving to charity or loved ones
November 30, 2022 | Paula Kennedy, EA
Basic Tax Rules for donating to Charity or Loved Ones this holiday season.
Computer Software Costs: How Does Your Business Deduct Them?
November 21, 2022 | Brian Hare, CPA, CGMA
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 […]
How Savings Bonds Are Taxed
November 18, 2022 | Ryan Burke, CPA, MSF
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 […]
2023 Limits for Businesses That Have HSAs, or Want to Establish Them
November 13, 2022 | Akila Sivakumar
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 […]
How inflation will affect your 2022 and 2023 tax bills
November 9, 2022 | Megan Kosciolek, MST
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. […]