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.

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.

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.

February 12, 2019

199A Deductions

199A deductions could provide significant tax savings.

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.

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.

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.

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.

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.

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.

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.

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.

December 18, 2018

Act soon to save 2018 taxes on your investments

Do you have investments outside of tax-advantaged retirement plans?

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.

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.

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.

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?

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.

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).

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.

October 30, 2018

Donate appreciated stock for twice the tax benefits

A tried-and-true year end tax strategy is to make charitable donations.

October 23, 2018

Small Business Fraud

Small Businesses Especially Vulnerable to Fraud

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

August 21, 2018

Play your tax cards right with gambling wins and losses

If you gamble, be sure you understand the tax consequences.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

January 23, 2018

Can you deduct home office expense?

Working from home has become commonplace.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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).

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.

September 21, 2017

DGN Named Nation's "Best of the Best"

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.

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.

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.

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?

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.

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.

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.

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.

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).

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.

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.

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.

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.

May 09, 2017

Operating across state lines presents tax risks - or possibly rewards

It’s a smaller business world after all.

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.

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.

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.

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.

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.

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.

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.

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.