Home office deduction 101
If your use of a home office is for your employer’s benefit or because you’re self employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space. Or you may be able to take the…
Better Balance Sheets are Not Just Up to the Individual
Most individuals and families have resolved to make 2014 the year they get finances under control by paying down debt and saving more. There are a lot of tips and warnings that families and individuals are inundated with regarding the best way to improve finances. But is it enough to just provide people with advice…
File early to reduce your risk of tax return fraud
With the well-publicized security breach at major retailer Target recently, identity theft is likely on your mind. And stolen credit isn’t your only risk. In an increasingly common scam, identity thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. When the real taxpayers file their returns, they’re notified that…
Michigan Condominium Act – Section 57
There has been news on the recent amendment to Section 57 of the Michigan Condominium Act. The amendment requires associations with annual revenues over $20,000 to have a review or an audit of their books, records and financial statements performed by a Certified Public Accountant. The amendment does, however, provide associations the ability to opt…
5 Mistakes You May be Making that Put Your Identity at Risk
With the massive data breach surrounding Target and credit card information being hacked, many people are looking at how to protect their information while conducting business online. Below are five mistakes individuals make that put their identities at risk. 1. Not updating the OS and Browser. Experts say when you don’t update your operating system…
Are you meeting the ACA’s additional Medicare tax withholding requirements?
Under the Affordable Care Act (ACA), beginning in 2013, taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) had to pay an additional 0.9% Medicare tax on the excess earnings. Unlike regular Medicare taxes, the additional Medicare tax doesn’t include a corresponding employer portion. But employers…
Time for an estate plan checkup
Now that we’re in the new year, it’s time for an estate plan checkup. Why? First, various exclusion, exemption and deduction amounts are adjusted for inflation and can change from year to year, so it’s a good idea to see if they warrant any updates to your estate plan: 2013 2014 Lifetime gift and…
New Changes to 1040 Form
Tax filing season is finally here. It is time to pull together your information for the last year and review your Form 1040 from 2012. When looking at the 1040 Form for 2013, you will notice some changes in certain areas, due to adjustments in the IRS tax rules. Below is an outline of these…