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Tuesday, 11 September 2018

How spouse-owned businesses can reduce self-employment taxes

Written by Thomson Reuters

If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, when we refer to “partnerships,” we’ll include in our definition limited liability companies that are treated as partnerships for federal tax purposes.)  For 2018, that means you’ll each pay the maximum 15...

Published in Tax
Friday, 27 July 2018

Michigan Sales Tax Developments During 2nd Quarter 2018

Written by Michael Bannasch, CPA, MST

The past three months were busy ones in the Michigan Legislature in regard to sales/use taxes, with four bills being passed and signed into law by Governor Rick Snyder. While none of these new laws have the broad impact of the recent U.S. Supreme Court case of South Dakota v...

Published in Tax
Tuesday, 24 July 2018

Estate planning after tax reform: Opportunities and challenges

Written by Cathy Shoemaker, CPA, MST and Steve Armstrong, JD, LLM

Last year’s Tax Cuts and Jobs Act (TCJA) is best known for its sweeping changes to the federal corporate and individual income tax laws. When it comes to estate planning, however, the act made one simple but significant change: It temporarily (through 2025) doubled the exemption amount for estate, gift and generation-skipping transfer (GST) taxes from $5 million to $10 million (adjusted annually for inflation). This year, the inflation-adjusted exemption is $11.18 million (a combined $22...

Published in Tax

The IRS has released a draft version of the 2018 Form 1040 which is intended to simplify the filing process for some Americans, but many are stating that the new post-card sized form is no less complicated. The new form reduces the number of line items from 79 to 23 and condenses it from a two-page document to a double-sided post card. There are also six schedules accompanying Form 1040 that, if applicable, will be used to report additional income, credits, taxes and other deductions that have been eliminated from the Form 1040. While the form is simplified in some areas and will result in simplifying tax filing for a significant number of taxpayers, others will still have to refer to other forms and instructions and crunch numbers to complete the filing process, which may be time consuming...

Published in News

In a 5-4 decision on June 21, the U.S. Supreme Court in South Dakota v. Wayfair, Inc...

Published in News
Tuesday, 29 May 2018

Now’s the time to consider a Roth IRA conversion

Written by Ryan Sullivan, CFP and Joe Zaiter, AIF, AAMS

The Roth IRA is an attractive retirement savings tool, offering tax-free earnings, tax-free withdrawals, and no minimum distribution requirements. And now may be an ideal time to convert your traditional IRA into a Roth. The Tax Cuts and Jobs Act (TCJA) temporarily reduces individual income tax rates, enhancing the benefits of Roth IRAs and lowering the cost of conversion. No time like the present  Generally, you should consider converting to a Roth IRA if you expect your tax rate to be higher in the future...

Published in Wealth Management

On May 23, 2018, the IRS released Notice 2018-54 stating further guidance is coming to address the deductibility of state and local tax payments for federal income tax purposes. The Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes an individual can deduct to $10,000. As a result, some state legislatures have adopted or are considering legislative proposals allowing taxpayers to make payments to specified entities in exchange for a tax credit against state and local taxes owed.  The proposed legislation will clarify the relationship between federal charitable contribution deductions and the new statutory limitation on the deduction of state and local taxes...

Published in News
Thursday, 17 May 2018

Let's talk about tax: How the new law may impact your business

Written by Chelsie Avery, CPA, Anthony Licavoli, CPA, Michael Patterson, CPA

Download a copy of this article   In December 2017, Congress and President Trump passed the most significant overhaul of America’s tax system in decades. And while many are familiar with the major provisions included in the Tax Cuts and Jobs Act (TCJA), once you dive a bit deeper, you’ll notice there are many more nuances to consider for your business. Let’s review a few of those items: Excess business loss limitation In the past, aggerate losses generated from business activities not subject to passive or basis limitations were generally available to offset all other types of income on a taxpayer’s individual return. A new provision included in the bill limits these losses per year to $250,000 for a single taxpayer and $500,000 for couples filing a joint return...

Published in Tax
Monday, 14 May 2018

Quiz: Can you answer these Social Security benefit questions?

Written by Forefield, INC.

Most people will receive Social Security benefits at some point in their lifetimes, but how much do you know about this important source of income? Take this quiz to learn more. Questions 1. Can you receive retirement and disability benefits from Social Security at the same time?..

Published in Wealth Management
Monday, 07 May 2018

IRS provides guidance on section 965 transition tax

Written by Michael Patterson, CPA

On December 22, 2017, President Trump signed “an Act to provide for reconciliation pursuit to Titles II and V of the concurrent resolution on the budget for fiscal year 2018” (a.k.a. the “Tax Cuts and Jobs Act”)(“the Act”) into law...

Published in Tax
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