October 03, 2022
DGN expands Petoskey staff
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the hiring of a new Petoskey staff member, Gabbie Mason.
Read More >September 20, 2022
2022 Q4 tax calendar: Key deadlines for businesses and other employers.
Read More >August 25, 2022
DGN Named One of Nation's Top 400 Accounting Firms in 2022
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, was named a “Top 400” firm in the United States by INSIDE Public Accounting (IPA).
Read More >August 09, 2022
Dennis, Gartland & Niergarth Announces Promotions
Dennis, Gartland & Niergarth, northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the promotions of five staff members.
Read More >March 15, 2022
When inheriting money, be aware of “income in respect of a decedent” issues.
Read More >March 03, 2022
Michigan Flow-Through Entity Tax: The State and Local Tax Workaround
This new tax will save Michigan taxpayers approximately $200 million a year in federal taxes.
Read More >February 01, 2022
Keeping meticulous records is the key to tax deductions and painless IRS audits.
Read More >January 25, 2022
Smooth sailing: Tips to speed processing and avoid hassles this tax season.
Read More >January 24, 2022
DGN Named One of Nation's Top 400 Accounting Firms in 2021
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, was named a “Top 400” firm in the United States by INSIDE Public Accounting (IPA).
Read More >January 18, 2022
Help safeguard your personal information by filing your 2021 tax return early.
Read More >December 21, 2021
There’s a deduction for student loan interest … but do you qualify for it?
Read More >November 23, 2021
New digital asset reporting requirements will be imposed in coming years.
Read More >November 16, 2021
Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties.
Read More >November 09, 2021
Feeling generous at year end? Strategies for donating to charity or gifting to loved ones.
Read More >October 26, 2021
Thinking about participating in your employer’s 401(k) plan? Here’s how it works.
Read More >October 19, 2021
Get your piece of the depreciation pie now with a cost segregation study.
Read More >July 27, 2021
The deductibility of corporate expenses covered by officers or shareholders.
Read More >July 20, 2021
There’s currently a “stepped-up basis” if you inherit property — but will it last?
Read More >July 13, 2021
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends.
Read More >April 20, 2021
Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes.
Read More >April 14, 2021
Join the Dynamic Team at DGN: Live, Work & Play in Scenic Northern Michigan
Learn more about our values, culture and the beautiful region we call home.
Read More >March 09, 2021
Estimated tax payments: The deadline for the first 2021 installment is coming up
Read More >February 23, 2021
If you run a business from home, you could qualify for home office deductions
Read More >February 16, 2021
Did you make donations in 2020? There’s still time to get substantiation
Read More >January 26, 2021
The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon
Read More >December 29, 2020
The right entity choice: Should you convert from a C to an S corporation?
Read More >December 22, 2020
The next estimated tax deadline is January 15 if you have to make a payment
Read More >December 19, 2020
COVID-19 RESOURCE CENTER
Due to the extensive amount of information concerning the COVID-19 pandemic, DGN has created this resource page for our clients and the community. We will be updating this page as new information arises.
Read More >December 10, 2020
DGN Named One of America’s Best Tax Firms 2021 by Forbes Magazine
DGN, northern Michigan’s largest locally owned, full-service public accounting firm, was named one of America’s Best Tax Firms for 2021 by Forbes Magazine. Of the 278 firms selected, DGN was the only one based in northern Michigan.
Read More >February 25, 2020
Do you run your business from home? You might be eligible for home office deductions
Read More >January 14, 2020
Help protect your personal information by filing your 2019 tax return early
Read More >January 06, 2020
DGN announces eight staff promotions
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the promotions of eight staff members.
Read More >December 17, 2019
DGN Named One of America’s Top Recommended Tax and Accounting Firms by Forbes Magazine
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, was named one of America’s Top Recommended Tax and Accounting Firms for 2020 by Forbes Magazine. From more than 18,000 firms, DGN was one of only 202 companies selected to make the tax category – and the only one based in northern Michigan.
Read More >December 16, 2019
DGN announces five new team members + achievements on CVA exam
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the hiring of five new staff members and achievements on Certified Valuation Analyst exam.
Read More >December 03, 2019
Holiday parties and gifts can help show your appreciation and provide tax breaks
Read More >November 04, 2019
DGN Completes Purchase of Petoskey-Based Hill, Schroderus & Co., LLP
Dennis, Gartland & Niergarth (DGN) has announced that they have completed the purchase of Hill, Schroderus & Company, a Petoskey-based accounting firm. With now more than 60 experienced, highly trained staff, the merger solidifies DGN’s position as northern Michigan’s largest locally owned, full-service public accounting firm, as well as their commitment to the Petoskey market.
Read More >October 29, 2019
IRA charitable donations are an alternative to taxable required distributions
Read More >October 15, 2019
Use a Coverdell ESA to help pay college, elementary and secondary school costs
Read More >October 08, 2019
Understanding and controlling the unemployment tax costs of your business
Read More >September 24, 2019
DGN Named One of Nation's Best Accounting Firms
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, was named a “Best of the Best” and a “Top 400” firm in the United States by INSIDE Public Accounting (IPA). This is the third consecutive year that DGN has been recognized by IPA.
Read More >September 23, 2019
DGN announces four new team members + achievements on CVA exam
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the hiring of four new staff members and achievements on Certified Valuation Analyst exam.
Read More >September 17, 2019
Uncle Sam may provide relief from college costs on your tax return
Want to offset the high cost of college? There may be a federal tax credit for higher education costs that you can claim. Here are the basic details.
Read More >September 03, 2019
The next estimated tax deadline is September 16: Do you have to make a payment?
Read More >August 13, 2019
What to do if your business receives a “no-match” letter
If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.” Here’s what these letters mean and how to proceed.
Read More >August 06, 2019
The tax implications of being a winner
If you’re fortunate enough to hit a sizable jackpot in the lottery or while gambling, there are tax implications. Here’s a rundown of the basics
Read More >July 30, 2019
The “kiddie tax” hurts families more than ever
If your child or grandchild has unearned income from dividends, interest and capital gains, beware of the “kiddie tax.” Your family may be hit even harder by the tax under current law.
Read More >July 23, 2019
The “nanny tax” must be paid for more than just nannies
In 2019, if you pay a household worker cash wages of $2,100, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
Read More >July 16, 2019
It’s a good time to buy business equipment and other depreciable property
The Section 179 deduction and bonus depreciation for business assets have been increased and expanded. Learn more about these valuable tax breaks.
Read More >July 09, 2019
Volunteering for charity: Do you get a tax break?
Do you spend time volunteering for charity? While you can’t deduct the value of your time, you may be able to deduct some of the out-of-pocket costs. Here are the rules
Read More >July 02, 2019
You may have to pay tax on Social Security benefits
If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed. And if so, how much will you have to pay?
Read More >June 25, 2019
If your kids are off to day camp, you may be eligible for a tax break
If you meet certain requirements, you may be eligible for a tax break on summer day camp expenses you pay for your child. Here is a rundown of the rules.
Read More >June 18, 2019
2019 Q3 tax calendar: Key deadlines for businesses and other employers
Although you might want to enjoy the lazy days of summer, employers and businesses shouldn’t take it so easy that they miss these important Q3 2019 tax deadlines.
Read More >June 11, 2019
Donating your vehicle to charity may not be a taxwise decision
A tax deduction isn’t the only reason for donating a vehicle to charity. But if you’re counting on one, make sure you understand the rules. You may wind up with a small deduction or none at all.
Read More >June 04, 2019
Thinking about moving to another state in retirement? Don’t forget about taxes
Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.
Read More >May 28, 2019
The chances of IRS audit are down but you should still be prepared
An IRS audit may be nothing to lose sleep over. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest audit statistics, as well as some tips on how to survive an IRS examination.
Read More >May 21, 2019
Hire your children this summer: Everyone wins
Are you a business owner with teenage or college-age children who constantly need money? Make them earn the money by hiring them. You can save taxes and reap other benefits.
Read More >May 14, 2019
Selling your home? Consider these tax implications
Are you selling your principal residence? You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.
Read More >May 07, 2019
Check on your refund — and find out why the IRS might not send it
In most cases, refunds are routinely sent to taxpayers within a few weeks. However, there may be delays, or, in worst-case scenarios, refunds may be applied to debts owed to the federal or state governments.
Read More >April 30, 2019
Plug in tax savings for electric vehicles
Are you interested in joining the growing ranks of plug-in electric vehicle owners? Find out about the federal income tax credit you might be able to claim.
Read More >April 23, 2019
How entrepreneurs must treat expenses on their tax returns
Starting a new business can be a hectic, exciting and expensive time. Be aware that not all start-up expenses can be deducted on your tax return right away. Some may have to be amortized over time.
Read More >April 16, 2019
Three questions you may have after you file your return
Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
Read More >April 09, 2019
Make a deductible IRA contribution for 2018. It’s not too late!
Have you made your 2018 IRA contributions? It’s not too late just because it’s 2019. But you must act fast.
Read More >April 07, 2019
Seniors: Medicare premiums could lower your tax bill
If you’re covered by Medicare, you know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums, along with other medical costs, on your tax return. But it can be tough to qualify.
Read More >March 26, 2019
Still working after age 70½? You may not have to begin 401(k) withdrawals
Are you still working after age 70½ and don’t want to take required minimum distributions from your 401(k) account? You might not have to. Here are the details.
Read More >March 19, 2019
Stretch your college student’s spending money with the dependent tax credit
Are you the parent of a child who is age 17 to 23? You may be eligible for a $500 dependent tax credit. Here are the qualifications.
Read More >March 12, 2019
The 2018 gift tax return deadline is almost here
When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this April.
Read More >March 11, 2019
DGN adds new staff members
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the addition of new staff members.
Read More >March 05, 2019
Vehicle-expense deduction ins and outs for individual taxpayers
Rather than keeping track of your actual vehicle-related expenses, you can use a standard mileage rate to compute related tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses?
Read More >February 26, 2019
Beware the Ides of March — if you own a pass-through entity
Friends, Romans and countrymen, lend me your ears: All ye who must file a partnership or S corporation tax return, watch out for this tax deadline
Read More >February 20, 2019
Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return
Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.
Read More >February 12, 2019
3 big TCJA changes affecting 2018 individual tax returns and beyond
There are three major changes that will impact many individual taxpayers, beginning when they file their 2018 income tax returns. And we’re not talking about tax rate cuts or reduced itemized deductions.
Read More >February 07, 2019
DGN promotes seven staff members
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the promotion of seven staff members.
Read More >February 05, 2019
Why you shouldn’t wait to file your 2018 income tax return
In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. Here’s how to protect yourself.
Read More >January 29, 2019
Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments.
Read More >January 22, 2019
There’s still time to get substantiation for 2018 donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends.
Read More >January 15, 2019
What will your marginal income tax rate be?
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing status.
Read More >January 08, 2019
2 major tax law changes for individuals in 2019
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.
Read More >January 02, 2019
A refresher on major tax law changes for small-business owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly.
Read More >December 26, 2018
You may be able to save more for retirement in 2019
Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings.
Read More >December 18, 2018
Act soon to save 2018 taxes on your investments
Do you have investments outside of tax-advantaged retirement plans?
Read More >December 11, 2018
Year-end tax and financial to-do list for individuals
Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll potentially lose them.
Read More >December 04, 2018
2019 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Read More >November 27, 2018
Does prepaying property taxes make sense anymore?
Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies.
Read More >November 20, 2018
Catch-up retirement plan contributions can be particularly advantageous post-TCJA
Will you be age 50 or older on December 31? Are you still working?
Read More >November 13, 2018
Mutual Funds Year End Planning
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips.
Read More >November 08, 2018
DGN Named One of Nation's Top 400 Accounting Firms
Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, was named a “Top 400” firm in the United States by INSIDE Public Accounting (IPA).
Read More >November 06, 2018
Buy business assets before year end to reduce your 2018 tax liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses.
Read More >October 30, 2018
Donate appreciated stock for twice the tax benefits
A tried-and-true year end tax strategy is to make charitable donations.
Read More >October 23, 2018
Proactive Planning
It's time for year-end tax planning. Comprehensive planning helps protect resources, reduce tax liability and position overall finances to achieve objectives.
Read More >October 23, 2018
Paying Payroll Taxes
Taxes withheld from employees pay are considered trust fund taxes and are due to the governmental agencies within a specified time period. Failure to pay these funds in a timely manner will result in penalty and interest charges.
Read More >October 23, 2018
Employee vs Contractor
An employer enjoys several advantages when it classifies a worker as an independent contractor rather than as an employee. For example, it isn't required to pay payroll taxes, withhold taxes, pay benefits or comply with most wage and hour laws. However, there's a potential downside: If the IRS determines that you've improperly classified employees as independent contractors, you can be subject to significant back taxes, interest and penalties.
Read More >October 23, 2018
Are You Taking Advantage of The Research & Development Credit?
Previously, a significant drawback of the R&D credit was that a company’s ability to use it was limited if the company or its shareholders/partners (in the case of pass-through entities) were subject to the Alternative Minimum Tax (AMT).
Read More >October 02, 2018
Charitable IRA rollovers may be especially beneficial in 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions.
Read More >September 25, 2018
Tax planning for investments gets more complicated
For investors, fall is a good time to review year-to-date gains and losses.
Read More >September 18, 2018
The tax deduction ins and outs of donating artwork to charity
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property.
Read More >September 11, 2018
2018 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Read More >September 04, 2018
Do you need to make an estimated tax payment by September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two.
Read More >August 28, 2018
Back-to-school time means a tax break for teachers
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket.
Read More >August 21, 2018
Play your tax cards right with gambling wins and losses
If you gamble, be sure you understand the tax consequences.
Read More >August 14, 2018
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses.
Read More >August 07, 2018
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement.
Read More >July 31, 2018
Do you still need to worry about the AMT?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation.
Read More >July 24, 2018
Why the "kiddie tax" is more dangerous than ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets.
Read More >July 17, 2018
Close-up on the new QBI deduction's wage limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI).
Read More >July 10, 2018
What you can deduct when volunteering
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible.
Read More >July 03, 2018
Home green home: Save tax by saving energy
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too.
Read More >June 26, 2018
Do you know the ABCs of HSAs, FSAs and HRAs?
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs.
Read More >June 12, 2018
The tax impact of the TCJA on estate planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention.
Read More >June 05, 2018
Factor in state and local taxes when deciding where to live in retirement
Many Americans relocate to another state when they retire.
Read More >May 29, 2018
Saving tax on restricted stock awards with the Sec. 83(b) election
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package.
Read More >May 22, 2018
The TCJA changes some rules for deducting pass-through business losses
It’s not uncommon for businesses to sometimes generate tax losses.
Read More >May 15, 2018
Be aware of the tax consequences before selling your home
In many parts of the country, summer is peak season for selling a home.
Read More >May 08, 2018
Do you need to adjust your withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash.
Read More >May 01, 2018
Get started on 2018 tax planning now!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months.
Read More >April 24, 2018
Tax document retention guidelines for small businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can.
Read More >April 17, 2018
Individual tax calendar: Important deadlines for the remainder of 2018
While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of.
Read More >March 27, 2018
2018 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Read More >March 20, 2018
Home-related tax breaks are valuable on 2017 returns, will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream.
Read More >March 13, 2018
Casualty losses can provide a 2017 deduction, but rules tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return.
Read More >March 06, 2018
Size of charitable deductions depends on many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct.
Read More >February 27, 2018
Sec. 179 expensing provides small businesses tax savings on 2017 returns - and more savings in the future
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return.
Read More >February 20, 2018
Tax deduction for moving costs: 2017 vs. 2018
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions.
Read More >February 13, 2018
Families with college students may save on their 2017 returns with one of these breaks
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return.
Read More >February 06, 2018
TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever.
Read More >January 30, 2018
2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax.
Read More >January 23, 2018
Can you deduct home office expense?
Working from home has become commonplace.
Read More >January 16, 2018
Personal exemptions and standard deductions and tax credits, oh my!
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down.
Read More >January 02, 2018
The TCJA temporarily expands bonus depreciation
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others.
Read More >December 26, 2017
Tax Cuts and Jobs Act: Key provisions affecting individuals
On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years.
Read More >December 19, 2017
401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018.
Read More >December 05, 2017
2018 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Read More >November 28, 2017
Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year.
Read More >November 21, 2017
You may need to add RMDs to your year-end to-do list
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans.
Read More >October 31, 2017
The ins and outs of tax on "income investments"
Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value.
Read More >October 24, 2017
Retirement savings opportunity for the self-employed
Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do.
Read More >October 17, 2017
2 ACA taxes that may apply to your exec comp
If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC).
Read More >October 10, 2017
Accelerate your retirement savings with a cash balance plan
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans.
Read More >October 03, 2017
"Bunching" medical expenses will be a tax-smart strategy for many in 2017
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income).
Read More >September 26, 2017
Investors: Beware of the wash sale rule
A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year.
Read More >September 19, 2017
Why you should boost your 401(k) contribution rate between now and year end
One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan.
Read More >September 05, 2017
Watch out for potential pitfalls of donating real estate to charity
Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction.
Read More >August 29, 2017
The ABCs of the tax deduction for educator expenses
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year.
Read More >August 15, 2017
Put your audit in reverse to sales and use tax
It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much?
Read More >August 01, 2017
A refresher on the ACA's tax penalty on individuals without health insurance
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year.
Read More >July 11, 2017
Own a vacation home? Adjusting rental vs. personal use might save taxes
If you rent it out for less than 15 days: You don’t have to report the income.
Read More >July 05, 2017
Summer is a good time to start your tax planning and organize your tax records
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes.
Read More >June 13, 2017
Pay attention to details when selling investments
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors.
Read More >June 06, 2017
Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs
With school letting out you might be focused on summer plans for your children (or grandchildren).
Read More >June 01, 2017
The Tax Implications of Short-Term Rentals
Beautiful northern Michigan! Lovely surroundings, increased tourism and the proliferation of web sites such as Airbnb, VRBO, and HomeAway have led to a boom in short-term rentals in northern Michigan.
Read More >May 30, 2017
Donating a vehicle might not provide the tax deduction you expect
All charitable donations aren’t created equal — some provide larger deductions than others.
Read More >May 23, 2017
Business owners: When it comes to IRS audits, be prepared
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing.
Read More >May 16, 2017
Real estate investor vs. professional: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional.
Read More >May 09, 2017
Operating across state lines presents tax risks - or possibly rewards
It’s a smaller business world after all.
Read More >May 02, 2017
Turning next year's tax refund into cash in your pocket now
Each year, millions of taxpayers claim an income tax refund.
Read More >April 25, 2017
Do you know the tax implications of your C corp.'s buy-sell agreement?
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart.
Read More >April 18, 2017
A timely postmark on your tax return may not be enough to avoid late-filing penalties
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight.
Read More >March 21, 2017
Who can - and who should - take the American Opportunity credit?
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return.
Read More >February 28, 2017
Tangible property safe harbors help maximize deductions
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return.
Read More >February 07, 2017
What you need to know about the tax treatment of ISOs
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date.
Read More >January 24, 2017
The investment interest expense deduction: Less beneficial than you might think
Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes.
Read More >January 10, 2017
Help prevent tax identity theft by filing early
If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline.
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