The Internal Revenue Service estimates that about 75% of taxpayers will receive a refund this year. Many of these taxpayers say they are going to be responsible with their refunds by paying down debt or saving it in their emergency fund. Here are a couple more options for spending your tax refund: Re-balance your portfolio
On February 14th, the IRS posted an announcement regarding the disruptive service of the “Where’s My Refund?” tool as well as the refund feature on the IRS2go phone app. Due to the large number of inquiries, they are requesting that tax payers only check on their refunds once a day. The IRS only updates this
Did you know that the IRS has Tax Tips listed on their website? You can subscribe to their Tax Tip page and be notified every time there is a new tip available! Just follow this link to the listing of tax tips for 2012 and this linkto subscribe to the newsletter.
Written by: Mike Riley, CPA On May 25, 2011, Governor Rick Snyder signed legislation amending the Michigan Income Tax Act. The new legislation affects 2012 tax returns. Many taxpayers will see an increase in their Michigan income tax – particularly as a result of changes made to the calculation of the Homestead Property Tax Credit.
The old GM stock (more recently being traded as MTLQQ) stopped trading on the pink sheets in 2011, so now investors are allowed to take the loss on their 2011 tax returns. If you have already filed your return but have a loss you would like to take, we can certainly help you amend that
Written by: Paul B. Murray, CPA, ABV, CFF Unscrupulous tax preparers are luring unsuspecting senior citizens into filing claims for fraudulent tax refunds the IRS announced. The scam involves convincing both tax filers and those with little or no income who are not required to file that they are entitled to federal refunds. Their claims
Written by: Annette Clark, CPA A new year brings new payroll tax changes that you need to be aware of if you are preparing your own payroll. If you need assistance or have any questions please contact us. Michigan unemployment wage base has increased from $9,000 per employee to $9,500 for 2012. The Federal Unemployment
The Michigan Department of Treasury has issued the 2012 pension withholding guide for personal income withholding tax purposes. Effective January 1, 2012, administrators of pension and retirement benefits are required to withhold income tax on taxable payments. Qualified pension and retirement benefits include most payments reported on Form 1099-R for federal tax purposes. For example,
Here is a great KIP TIP from Cameron Huddleston, Contributing Editor, Kiplinger.com, regarding monitoring your elderly parents’ mail. Financial scams are everywhere we turn. Elderly people are bombarded with donation solicitations in the mail. Now mind you, the majority of these solicitations are legitimate organizations, lobbying groups and political parties, but it can be very