News & Articles

How to Save Taxes in 2020 and Beyond

Posted on Mon, Nov 02, 2020

It's time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end.

Read More

Tags: Deductions, Income Tax, Tax Deductible, Federal Income Tax

Will You Have to Pay Tax on Social Security Benefits?

Posted on Wed, Nov 01, 2017

Some people are under the misconception that Social Security benefits are always free from federal income tax. However, depending on how much income you have from other sources, you may have to report up to 85% of your benefits as income on Form 1040 and pay the resulting federal income tax.

Read More

Tags: Social Security, Income, Federal Income Tax

Collect Tax-Free Profit From Selling Your Home

Posted on Fri, Apr 28, 2017

Whether the residential real estate market is up or down, there are always homeowners who want to — or have to — sell their homes. If you're a prospective seller making your property look like a model home in the hopes of raking in a nice profit, now is a good time to review how taxes will factor into the transaction. With the home sale gain exclusion tax break, the profit from selling your principal residence might be free from federal income taxes (and possibly state income taxes too). The rules are straightforward for most sellers.

Read More

Tags: Federal Income Tax, Selling Your Home, Mortgage

Tax Deadline Reminder: FBARs Due by June 30

Posted on Mon, May 04, 2015

The deadline is fast approaching for certain taxpayers to report accounts they hold in foreign banks and other financial institutions. You also may be required to report foreign accounts over which you have signature authority, such as an account that you maintain on behalf of a relative or employer.

Read More

Tags: Tax, EHTC Article, Foreign Assets, Foreign Bank Accounts, foreign financial accounts, Articles, Federal Income Tax

June 17 Deadline for Some Taxpayers with Foreign Assets

Posted on Fri, Jun 14, 2013

U.S. citizens and resident aliens, including those with dual citizenship or those who lived or worked abroad in 2012, may have a federal tax liability and filing requirement. The June 17 filing deadline is fast approaching. (These taxpayers generally received an automatic two-month extension from filing on the regular April 15 deadline.) Here are the rules and who must comply with them.

Read More

Tags: Foreign Assets, Taxpayers Deadline, CPA Firm, Echelbarger, Federal Income Tax, EHTC

Pay No Federal Tax on Qualified Small Business Stock

Posted on Mon, Jun 03, 2013

To encourage investment in some small businesses, investors have an opportunity to collect gains that are free from federal tax. Investors in Qualified Small Business Corporations may qualify for three different gain exclusion tax breaks. However, under current law, you must act before the end of the year to get the best gain exclusion deal. This article briefly explains the rules.

Read More

Tags: Qualified Small Business Stock, C corporation, CPA Firm, Federal Income Tax, EHTC

Want Tax-Free Income? There Are Still Ways to Receive It

Posted on Mon, Jun 03, 2013

You may think you have to pay tax on all income you receive, but it's not true. Even with the federal tax increases that went into effect at the beginning of 2013, there are still some ways to earn income that is free from tax.

Read More

Tags: Tax-free Income, College Savings Plan Accounts, Roth IRAs, CPA Firm, Echelbarger, Federal Income Tax, EHTC

How Do I Fix an Error on My Federal Tax Return After Filing?

Posted on Mon, Apr 22, 2013

First, don't panic. Mistakes happen, and there are procedures in place for fixing them. Second, here is what the IRS has to say about correcting your return. 

Read More

Tags: Michigan State and Local Tax (SALT), Tax, CPA Firm, Tax Return, Federal Income Tax, Form 1040X, Amended Tax, EHTC

What are the Tax Consequences of Foreclosure?

Posted on Mon, Apr 22, 2013

The answer depends on the circumstances. The two most important variables in determining the federal income tax consequences of a principal residence foreclosure are:
1. Is the mortgage recourse or non-recourse?
2. What is the value of the property in comparison to the mortgage balance?

Read More

Tags: Michigan State and Local Tax (SALT), business consulting, Federal Income Tax, EHTC, Taxes, Consequences for Foreclosure, Foreclosure