News & Articles

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)

When Your Stock is Worth...Nothing

Posted on Wed, Nov 16, 2016

When you own stock in what is now a bankrupt company, one thing is for sure: It was a lousy investment. Unfortunately, that doesn't automatically mean you can write off the cost of your shares for tax purposes.

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Tags: Bankruptcy, Qualified Small Business Stock, Taxpayers Claim a Theft Loss

Tax Court: Contractor Misrepresentations Result in Homeowner Loss

Posted on Mon, Jul 01, 2013

You may assume if you have a valid written contract, the terms will be fulfilled, as long as you keep your end of the bargain. In one recent Tax Court case, a couple deducted a theft loss on their tax return after a home contractor didn't finish a project and left them with costly damage. Read below to see what happened in the case and what you should do to support your case if you find yourself to be the victim of a similar situation.

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Tags: EHTC Services, Contractor Misrepresentations, Contractor Theft, Homeowner Loss, Tax Court, CPA Firm, Echelbarger, Taxpayers Claim a Theft Loss, EHTC