New Identity Theft Pin
The IRS sent a letter to taxpayers which states a new Identity Theft PIN is in place. The letter was dated January 4, 2016 and it mistakenly states the PIN is good for the 2014 Federal tax return filing, but it should state that it is good for the 2015 tax return year. This was…
Revised Standard Mileage Rates for 2016
Recently, the Internal Revenue Service (IRS) released the standard mileage rates for use in 2016. Taxpayers can use these rates to calculate the deductible costs of operating an automobile. The rate for business use of an automobile is 54 cents per mile. For medical or moving expenses, the rate is 19 cents per mile, and…
Tax Tips for Deducting Charity Gifts
Holiday season encourages charitable giving. If you give a gift to your favorite charity and want to claim it as a tax deduction, consider these tips before you make a donation. 1. Give to qualified charities. Gifts that are given to charities that aren’t qualified cannot be deducted from your taxes. Gifts that are given…
Information on Important New Tax Legislation
On Friday last week, the Consolidated Appropriations Act of 2016 was passed through Congress. Shortly after, President Obama signed the bill into law, making a wide range of tax extenders permanent. This legislation makes the Research and Development (R&D) Tax Credit permanent, along with 50 other periodically expiring tax breaks. Some of the tax credits…
IRS Raises Tangible Property Expensing Threshold
A recent IRS announcement stated that it will raise the deductible amount from $500 to $2,500 for purchases of tangible property by taxpayers without applicable financial statements. After receiving more than 150 comments advocating that the limit on deductions for purchases of property should be raised to anywhere between $750 and $100,000, the IRS made…
Fact or Fiction: 2015 W2 & 1099 Wage Reporting Season
Much confusion has been brought about with the impending tax reporting season. This can be a hectic time for businesses and tax payers alike, as many regulations are implemented throughout the year. One great way to avoid falling victim to misinformation is to know exactly what changes have been made and how they can (or…
Tax Tips for Retirees
When you turn 65, the way you file taxes changes. Consequently, it may not be a bad idea to brush up tax policy to see how you can benefit from tax issues brought on from Social Security and IRA withdraws Here are some tax filing basics that are increasingly important the closer you get to…
New SRETT Rule in Michigan for State Real Estate Transfer Tax
If you have sold your principle residence in Michigan in the last four years, you may be eligible for a significant tax refund from the State. This past July, the Michigan Supreme Court released a detailed opinion that would allow many more Michigan homeowners, whose tax assessed value at the time of sale was less…