News & Articles

Seasonal IRS Announcements: Stop To Reflect on Taxes

Posted on Mon, Oct 05, 2015

Now that fall has begun, it's time to start your year-end tax planning for 2015 — and to tie up loose ends that remain from the 2014 tax season. Here are some reminders that the IRS has sent out recently and related federal income tax-savings opportunities for individuals and businesses.

Read More

Tags: Tax, EHTC Article, IRS, Newsletter

How College Financial Aid Benefits Are Taxed

Posted on Mon, Jul 20, 2015

There's no doubt about it ... college is expensive. At top-rated private universities, the annual cost can be $55,000 and up. Some public schools charge out-of-state students $40,000 and up. With any luck, however, your child or grandchild will qualify for financial aid. These days, a surprisingly high percentage of students do.

Read More

Tags: Tax, EHTC Article, Newsletter, College Expenses, Financial Aid

Shave Payroll Costs for Shared Employees

Posted on Fri, Jul 17, 2015

If you run your business operations through two or more corporations, the different entities may share some of the same employees. In that case, you can save payroll taxes by using a "common paymaster."

Read More

Tags: EHTC Article, Employers, Newsletter, Payroll, shared employees

New Trade Law Stiffens Penalties for Certain Taxpayers

Posted on Fri, Jul 17, 2015

On June 29, the Trade Preference Extension Act of 2015 (TPE) was signed into law. The TPE mainly focuses on foreign competition and retraining domestic workers. But if you read the fine print, you'll see that it also includes important — but little-noticed — changes to the penalty regime for failing to file required information returns with the IRS and failing to furnish required statements to payees (recipients of payments).

Read More

Tags: EHTC Article, Tax Laws, Newsletter, Penalty Tax, Tax Consequences

Start the New Year With a Personal Finance Checkup

Posted on Tue, Jan 13, 2015

The lull that follows the holiday season is a time for reflection and planning. If you're like most Americans, there are several administrative chores that remain on your 2014 to-do list. Tackling them at the start of the new year will set a healthy, proactive tone going forward. Here are five simple things you can do to eliminate headaches, cut the flab and otherwise bring discipline to your personal finances in 2015:

Read More

Tags: Tax, EHTC Article, Finance, Newsletter, Articles, Individual

Ten Ways to Receive Tax-Free Income

Posted on Fri, Jan 09, 2015

There are still ways to earn income that is free from federal income tax. With the various tax increases that have taken effect in recent years, tax-free income opportunities are more valuable than ever.

Read More

Tags: Tax, EHTC Article, Income, Nontaxable, Newsletter, Articles

Important Tax Figures for 2015

Posted on Thu, Jan 08, 2015

The following table provides some important federal tax information for 2015, as compared with 2014. Some of the dollar amounts changed due to inflation. Other amounts changed due to legislation.

Read More

Tags: Tax, EHTC Article, information, Federal, Newsletter, Articles

Changes for Michigan Sales, Use, and Withholding Taxes

Posted on Tue, Dec 30, 2014

The Michigan Department of Treasury has a new online system called the Michigan Treasury Online (MTO).  This new system allows taxpayers 24/7 access to their accounts and will start to process sales, use, and withholding (SUW) tax returns for 2015. Taxpayers can make changes to their account, electronically file SUW returns, and make electronic payments for taxes due. 

Read More

Tags: EHTC Article, SUW, MTO, Michigan, Newsletter, Articles, Taxes

The Present and Future of the Self-Employment Tax

Posted on Fri, Dec 26, 2014

If you're self-employed as a sole proprietor, partner, or LLC member, you may owe the self-employment tax.

Read More

Tags: Tax, EHTC Article, Self-Employment, Social Security, Medicare, Newsletter, Articles

Act NOW to Benefit from Business Tax Breaks Extended by Congress

Posted on Tue, Dec 23, 2014

The Tax Increase Prevention Act of 2014 (TIPA) renewed through 2014 a long list of business federal income tax breaks that had been allowed to expire at the end of 2013. This article provides a quick summary of the most important business extenders that were just resurrected -- and a few that were not.

Read More

Tags: Tax, EHTC Article, Business, Tax Breaks, TIPA, Newsletter, Articles, Extended