incentive stock options

How the Proposed Tax Increase may Affect Your Business

Governor Whitmer has proposed a tax increase on some businesses to pay for the potential repeal of the so-called pension tax created under a 2011 tax code overhaul led by Governor Snyder. Here's how the proposed tax increase may affect your…
C corporations

IRS Warns: Avoid Improper Claims for Business Credits

Reprinted from IRS Newswire Issue # IR-2019-42 WASHINGTON — The Internal Revenue Service today (3/14/19) warned taxpayers to avoid improperly claiming various business tax credits, a common scam used by unscrupulous tax preparers. Two…
incentive stock options
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Tax planning required 4 incentive stock options

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value…
tax deductions

Some of your deductions may be smaller

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see…
IT scope creep

Don’t let scope creep ruin your next IT project

Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may be, there’s always another upgrade around the corner. In other words, it’s just a matter of time before…
self-employment tax

When LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS…
2018 individual tax returns

TCJA changes affecting 2018 tax returns & beyond

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes…
business interruption claim

Best practices when filing a business interruption claim

Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy, which may cover certain repairs of damaged property, this coverage generally…
C corporations

Fundamental tax truths for C corporations

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations…
Depreciation-related breaks
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Depreciation-related breaks on business real estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow…