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Author Archives: JLM & Associates/Management & Tax Services
Seven tips for taxpayers with foreign income
1. Report worldwide income. 2. File required tax forms. 3. Consider the automatic extension. 4. Review the foreign earned income exclusion. 5. Don’t overlook credits and deductions. 6. Get tax help outside the U.S. If you have questions or would … Continue reading
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State of Michigan Individual Income Tax for 2016 Tax Returns
Personal Exemptions Allowances: The annualized allowance for each tax payer and dependent is $4,000. The reason for the odd number is due to the fact that the annual rate changed as of October 1, 2012. Additional exemption allowances were … Continue reading
Federal Taxes Individual Rates for 2016 Taxes
Personal Exemption Allowances: Personal and Dependent amounts are $4,050 Each. Capital Gains and Qualified Dividends: If you are in the 10 OR 15% tax bracket, the tax rate is 0%. For other income tax brackets, the tax rate … Continue reading
Outsourcing your payroll? Here’s three tips for employers…
Outsourcing payroll duties to third-party service providers can streamline business operations, but the IRS reminds employers that they are ultimately responsible for paying federal tax liabilities. Recent prosecutions of individuals and companies who – acting under the guise of a … Continue reading
Open your envelope from the IRS
I had a client come to me with an envelope from the IRS and it was unopened. They had received the envelope a couple of months before. Mail from the IRS or the State, is usually time dated and you … Continue reading
Did you receive a letter from the IRS or the State of Michigan?
I can help you with your tax problem. I am a licensed enrolled agent and can help respond to letters you receive from the IRS or the State of Michigan.
How About Just 10 Minutes a Day?
Make time in your weekly and monthly schedule for recordkeeping and filing. Entering checks and receipts into an accounting system, filing your paperwork, and reviewing your business financial statements needs to be done on an ongoing basis. Even 10 minutes … Continue reading
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Tips for a Better Tax Year
Think about the impact of major life decisions on your taxes. Are you expecting? Divorcing? Buying a new house? Retiring? Major life decisions could potentially impact your federal income tax picture. If you’re planning to make a big change, ask us for advice. … Continue reading