News & Articles

Tax Tips for Individuals Who Haven't Filed a Return for 2019

Posted on Fri, Jun 12, 2020

As part of the federal government's tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility.

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Tags: Michigan State and Local Tax (SALT), Tax Return, HSA, COVID-19

6 Last-Chance Tax Breaks: Do You Qualify?

Posted on Mon, Jan 29, 2018

The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As a result, millions of Americans who have itemized deductions in the past are expected to claim the standard deduction for 2018 through 2025.

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Tags: Michigan State and Local Tax (SALT), Individual Taxes, Expenses, Taxpayers Claim a Theft Loss, Tax Cuts and Jobs Act (TCJA)

Important Changes for Individuals in the New Tax Law

Posted on Tue, Jan 02, 2018

For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn't make the final cut.

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Tags: Michigan State and Local Tax (SALT), Tax Rates, Long-Term Capital Gains, Individual, AMT

Scorecard of Key Expired Tax Breaks

Posted on Mon, Jan 27, 2014

For many individuals and businesses, ringing in the New Year has been bittersweet. That's because some of their favorite federal income tax breaks expired on December 31, 2013. Continue reading to see which deductions and credits are gone, unless Congress votes to retroactively extend them for 2014. 

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Tags: Michigan State and Local Tax (SALT), Expired Individual Tax Breaks, Expired Business Tax Breaks, business consulting, CPA Firm, 2013 Key Expired Tax Breaks, EHTC

What Does the Federal Government Shutdown Mean for Taxes?

Posted on Wed, Oct 16, 2013

As Congress continues to debate the federal government shutdown, the IRS has issued an announcement, providing details about tax filing deadlines, available assistance from the tax agency, and services that will not be accessible until normal operations resume. Continue reading to receive answers to questions you may be asking. 

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Tags: Michigan State and Local Tax (SALT), Filing Taxes, Tax Extension, Government Shutdown, business consulting, CPA Firm, Articles, Echelbarger, Tax Return, EHTC, Taxes

Update on the Section 179 Deduction Tax Break

Posted on Mon, May 20, 2013

The latest tax law includes important depreciation changes that will benefit businesses for the 2013 tax year (and 2012 if you haven't filed yet). Under Section 179, a business can deduct qualifying assets (including most software) in the year they are placed in service, rather than writing them off over several years under the regular depreciation rules. This article explains the rules.

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Tags: Michigan State and Local Tax (SALT), Corporate Income Tax, business consulting, CPA Firm, Articles, Echelbarger, Tax Break, EHTC, Fiscal Cliff, Section 179 deduction, American Taxpayer Relief Act of 2012

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. 

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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?

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

When Must I Report My 2010 Roth IRA Conversion?

Posted on Thu, Mar 21, 2013

If you converted to a Roth IRA or designated Roth Account in 2010, you must generally report half of the resulting taxable income on your 2012 return. So if this applies to you, act quickly.  

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Tags: Michigan State and Local Tax (SALT), Tax, News, Roth IRA, Individual Income Tax, CPA Firm, Articles, EHTC

What Kinds of Tax Breaks are Available to Help Offset College Costs?

Posted on Thu, Mar 21, 2013

Good news! The college costs you pay may qualify for at least one tax break. Here is a rundown of what is available.

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Tags: Michigan State and Local Tax (SALT), Tax, CPA Firm, Articles, EHTC, Tax Credits