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Employee Retention Credit Update
Folks in the Restaurant Industry will want to pay close attention to the IRS’s latest update to the Employee Retention Credit.
Michigan Enacts Elective Flow-Through Entity Tax
On December 20th, 2021, Governor Gretchen Whitmer signed Michigan HB 5376, which creates an entity-level tax for pass-through entities (PTEs) that do business in the State of Michigan. Under this new law, PTEs would declare and pay tax on their Michigan taxable income on behalf of their shareholders or entity level partners, and would deduct these taxes from the federal
Three Tax Planning Tips for 2021
As the 2021 calendar year comes to a close, it’s important to keep your eyes open on tax changes so you can be prepared for the filing season. Here are some important planning tips: 1. Deduct Business Meals The treatment of business meals and entertainment (either through a business entity or through an individual’s sole proprietorship) has changed significantly since
Tax Planning for the Biden Administration
Tax Planning for the Biden Administration Potential Strategies to Combat Increased Taxes Many individuals are stuck in a holding pattern as they wait to see what impact the Biden Administration will have on tax regulations. The President has shared what he’d like to see happen, but until those proposals are put into law, it can be hard to know what
Three Hurdles Keeping You From Financial Planning
We recommend that our clients start their financial planning by creating a financial snapshot: According to Savology, a written financial plan can lead to better money behavior. Their research found that households with a financial plan are 2.5x more likely to save enough for retirement. That’s a pretty good incentive, but there’s still icing on the cake. Of those who
Will Your Medicare Payments Increase in 2021?
For those of you updating your budgets for 2021, we’re providing an overview of the price increases you can expect for Medicare in 2021. Fortunately for most, costs aren’t growing much in the new year, but it’s important to keep on top of changes and how they affect your finances.