President Trump Declares Disaster Declaration for Mid-Michigan Governor Rick Snyder’s request for disaster declaration was approved by President Trump on Wednesday, August 2, 2017. Four counties, Bay, Gladwin, Isabella and Midland, have been included in the declaration. The declaration is aimed at providing relief via individual assistance and hazard mitigation assistance for local governments. The
We at Robert F. Murray & Co. understand the pain and frustration of tax ID theft here in the Mid-Michigan area. We urge everyone to take the necessary steps to mitigate potential risk. However, should you find that you have been a victim of tax ID theft, our experienced CPAs and tax experts can help
On December 18, 2015 the Protecting Americans From Tax Hikes Act of 2015 was signed into law impacting most individuals and businesses. The Act extends many favorable tax benefits and makes many others permanent. Some of the key provisions in the bill are highlighted in this letter. Permanently extends the $500,000 and $2 million limits
November 2015 Dear Client & Friends As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to
QUESTION: This is not a question that an accountant asked me, but a fellow traveler on my vacation. He was using a tax preparation service and wasn’t happy and felt he could do just as well by doing his own tax return. I told him there were many benefits to using a tax professional like a
Written by: Gene G. Smith, CPA With the availability of tax preparation software there are many Americans who are preparing their own tax return. According to one source I found in an internet search 33% of Americans file their own return, 56% have a professional prepare their return, and the other 11% were not sure.
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2014 increases to $117,000 from $113,700, which was the wage base for 2013. The $3,300 increase, which is about 2.9%, is due to an increase in average total wages.
Written by: Michael Riley, CPA On August 29th, the IRS issued guidance stating that same-sex couples married in jurisdictions that recognize same-sex marriage will be treated as married for federal tax purposes—regardless of where they reside. The IRS ruling goes a step further than the Supreme Court’s decision in United States v. Windsor, which requires
Written by: Annette Clark, CPA Do you use a Flexible Spending Account? If so have you reviewed your year to date spending compared to your annual deferral? Plan now to use up those deferred funds so that you don’t lose them. Maybe you have already incurred the costs and you just need to submit the
Written by: Paul B. Murray, CPA/ABV, CFF With the Baby Boomers approaching retirement age we are often asked when should I start drawing my social security benefits? With most choices in life today this is not a simple question. There are a few overriding, non-financial factors that you should consider first: