Income Tax Place

08/21/2023

To prevent future audits from the IRS and maintain a well-organized business, it is essential to consistently ensure compliance with tax laws and regulations. If you have more questions, don't hesitate to give us a call at (313) 336-4949.

08/18/2023

Impulse buying often leads to feelings of regret and buyer’s remorse later. To avoid impulse purchases and save money, set a dollar amount, such as $50 or $100, and impose a 72-hour rule on purchases exceeding that amount. This gives you time to really consider whether the item is necessary. If after 72 hours and the item is still important to you, go ahead and make the purchase. Stop being your own accountant. Talk to us today at (313) 336-4949 about how our comprehensive service can benefit your business!

08/16/2023

Managing your credit score is a vital aspect of personal finance and can have multiple effects on your ability to borrow money. Unfortunately, some people struggle with maintaining a good credit score due to a variety of reasons such as excess spending habits or a lack of financial education. Following these tips can help boost your credit score and get you one step closer to financial freedom. No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (313) 336-4949.

A good credit score gives you access to financing and positively impacts your ability to borrow money. It is also essential when seeking approval for a mortgage or rental and can affect your job opportunities. Unfortunately, some people struggle with maintaining a good credit score due to poor spend...

08/15/2023

Reduce Taxable Income - Participate in an employer-sponsored retirement plan or an individual retirement account. For more information, contact us at (313) 336-4949.

08/14/2023

Making a list of all categories and subcategories for your financial documents can make it easier for you to locate what you need. It is also important to consider whether to keep things digitally or physically. If you're not sure what to keep, give us a call at (313) 336-4949 so we can help!

08/11/2023

Overspending can really hinder your ability to achieve your financial goals and leave you scrambling to cover your bad money moves. By understanding your spending habits and triggers, you can better prevent mindless purchases. Take a close look at the "why" behind your spending to identify any psychological and emotional reasons that cause you to overspend. Keep a spending diary to help you identify such triggers by including your feelings before and after purchasing as well as how much you spent. This can help you limit how often you give in to the urge to impulse buy. We keep your finances in order so you can continue focusing on what you love! Call us at (313) 336-4949 to schedule a consultation.

08/09/2023

The Earned Income Tax Credit (EITC) is a refundable tax credit that can be beneficial for most low- or moderate-income families. It was created in 2020 as a work bonus plan to supplement certain taxpayers’ income. It reduces the amount of tax owed on a dollar-for-dollar basis and is adjusted for inflation each year. If you have questions about whether you quality, contact us today at (313) 336-4949!

The Earned Income Tax Credit (EITC) is one of the most beneficial tax credits for families with low or moderate combined incomes. It puts an average of $2,043 back in the hands of eligible workers and families. About 31 million people applied for and received the credit in 2022, according to the IRS...

08/08/2023

Attestation services play a significant role in the accounting process and are important for businesses, financial institutions and investors alike. Reviews, financial statement audits, and compilations performed by us are considered attestation services. During the process, we will examine the accuracy and completeness of financial data, regulatory compliance, internal accounting procedures, and organizational governance. Businesses require these services for different purposes, but the most common is to apply for bank loans, assuring investors of finances, or selling the business. For any assistance you may require regarding attestation services, please give us a call at (313) 336-4949.

08/07/2023

It can be convenient to use your credit card to pay for a purchase, but it's possible to become far too dependent on credit cards and increase the likelihood of creating a habit of overspending. Consider committing to spending money using cash, checks, or debit cards only as a means to curb your spending habits. Cash-only purchasing forces you to stick to your original buying plan and stop spending when the money runs out. At the end of the month, review your budget and purchases in comparison to previous months. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (313) 336-4949.

08/04/2023

Taxes can be tricky, especially when you are living abroad. If you are an American citizen working in a foreign country, you will need to continue to pay your taxes like other Americans currently living within the United States. You only become exempt from this if you renounce your citizenship which is one of the requirements in the expatriation tax provisions. You can also be exempt if you fill out Form I-407 to abandon your green card. Get real answers from a tax professional! Give us a call at (313) 336-4949.

08/02/2023

If you live and work in the United States, paying taxes in inevitable. For a majority of people, taxes can be large contributor to stress, but they don’t need to be! Tax planning can assist you in lowering your tax burdens and even help you find ways to save money. https://bit.ly/3QcyFvf

For all your tax-related questions, contact us at (313) 336-4949. We'd love to help you!

Everyone living and working in the United States must pay taxes. For most people, taxes can be a source of stress; however, they don't have to be. Implementing proper tax planning strategies can help to lower your tax burden or help you get a larger refund at the end of the year. Tax planning is

08/01/2023

reminder: People with low- and moderate-incomes may be able to save for retirement with the help of special tax break. See: http://irs.gov/saverscredit Do you have accounting questions? We have the answers! Talk to us at (313) 336-4949.

07/31/2023

Bookkeepers are not only experts in managing finances, but they can also provide valuable insights into your business's financial health. By analyzing your income and expenses, a bookkeeper can help you make better decisions and set your business up for success. To schedule a consultation, contact us at (313) 336-4949.

07/26/2023

Did you know that hiring family members can have tax benefits for your small business? 🤝💼 By employing qualified family members, you may be eligible for various tax deductions and benefits. Consult with an expert to explore this potential tax-saving opportunity! Give us a call at (313) 336-4949.

07/25/2023

🤔 Did you know that proper bookkeeping can save you time⏰ and money💰? Leave the number-crunching to us while you focus on growing your business. Our dedicated team is here to ensure your books are accurate and up to date! Do you have questions? We have the answers! Talk to us at (313) 336-4949.

07/24/2023

📢 Attention, do you have a home office? Don't forget to take advantage of the home office deduction if you have a designated space in your home used exclusively for your real estate business. This deduction can help you reduce your taxable income. Consult with our accountants to ensure you're maximizing this tax benefit! 🏠 Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (313) 336-4949.

07/19/2023

Keep all of your financial records organized throughout the year to make tax season less stressful. Set up a system that works for you and stick to it. No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (313) 336-4949.

07/18/2023

How do you know if an accountant is a superhero? They wear a cape-cash flow statement! 🦸‍♂️
To schedule a consultation, contact us at (313) 336-4949.

07/17/2023

The contributions you make to a 401K are tax-deferred, which means you won't pay taxes on that money until you withdraw it during retirement. This can be a significant tax benefit for many people. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (313) 336-4949.

07/12/2023

Did you know that you can deduct the cost of business-related travel and transportation expenses? Keep track of your mileage, airfare, and other transportation costs to maximize your deductions. Get real answers from a professional! Give us a call at (313) 336-4949.

07/11/2023

🧾 Are receipts and invoices taking over your workspace? Let us help you streamline your financial paperwork and keep your records in order. Say goodbye to the clutter and hello to a tidy, efficient workspace! 🌟🧹 No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (313) 336-4949.

07/10/2023

Tip of the day for small business owners: Consider utilizing a retirement plan, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k). Not only do these plans help you save for the future, but they also provide potential tax advantages for your business! You've got questions and we've got answers! Call us at (313) 336-4949.

07/07/2023

There's a strategic way to reach your financial goals. Working with financial professionals such as us, helps you stay on track with making sure your money is working for you! Contact us at (313) 336-4949 to schedule a consultation.

07/05/2023

If you have a child who's headed to college soon, you may be eligible for a tax deduction for tuition and fees. Check out the Lifetime Learning Credit to see if you qualify. Contact us today if you have questions (313) 336-4949.
https://www.irs.gov/credits-deductions/individuals/llc

07/04/2023

Did you know that a well-planned budget can help you achieve your long-term financial goals? Whether it's saving for a dream home or planning for retirement, our experienced accountants will help you create a budget that prioritizes your objectives and sets you up for financial success. 💼💰 Looking for a reliable and experienced expert? Contact us today (313) 336-4949.

07/03/2023

There are eight branches of accounting that allow businesses to track and measure their company’s finances. Each branch has its own specialized use that reveals different insights into a business’s financial status. Understanding the different branches of accounting is important for business owners, as it can have a significant impact on the long-term success and viability of your business. Contact us at (313) 336-4949 to schedule a consultation.
https://www.accountingformanagement.org/types-branches-of-accounting/

06/30/2023

The double-declining balance (DDB) method is another accelerated depreciation method. After taking the reciprocal of the useful life of the asset and doubling it, this rate is applied to the depreciable base—its book value—for the remainder of the asset’s expected life. Thus, it is essentially twice as fast as the declining balance method. Contact us at (313) 336-4949 to schedule a consultation.

06/28/2023

If you're an older adult, there may be specific tax tips that can help you during tax season! Read the article below to learn more about the 5 tips that can guide you during your filing process. Contact us at (313) 336-4949 to schedule a consultation.

From Medicare premiums to state tax breaks, here are some items to keep in mind during tax season.

06/27/2023

The accuracy of your financial statements depends on the correct analysis and accounting of your business transactions. You can enter any transaction into your accounting system correctly by answering five analytical questions. Read this article to explore Transaction Analysis and contact us today to get started on your accounting journey! %Phone}

The accuracy of your financial statements depends on correct analysis and accounting of your business transactions. You can enter any transaction into your accounting system correctly by answering five analytical questions. The questions are designed to identify the type of transaction, the accounts...

06/26/2023

Summer is here, and many of us begin to travel more, there are ways to stay mindful and reduce your carbon footprint. Read the article below to learn how you can be more "green" while enjoying your travel plans!

Contact us at (313) 336-4949 to schedule a consultation.

Travel is great, but it has a cumulative negative impact on the environment, largely from emissions. So how can you reduce your carbon footprint when traveling?

06/23/2023

2023 came with tax changes that may affect your small business. There are a few tips you can incorporate into your bookkeeping strategy in order to stay organized with your taxes and make the most of your return. Contact us at (313) 336-4949 to schedule a consultation.

Small-business owners should determine whether they can claim the Employee Retention Tax Credit and prepare for changes to bonus depreciation, energy efficiency credits and more.

06/21/2023

Don't be taken by surprise at how quickly the daily little expenses can add up! Start tracking your spending today to ensure you break any poor habits before they spiral into unmanageable debt.

Do you have accounting questions? We have the answers! Talk to us at (313) 336-4949.

Many people don't realize how much money they actually spend each month until they begin to document everything. If you've not been tracking your expenses meticulously, you might be surprised at how much the seemingly small purchases can add up. By tracking your expenses, you can easily identify poo...

06/20/2023

The declining balance method, also known as the reducing balance method, is ideal for assets that quickly lose their values or inevitably become obsolete. This is classically true with computer equipment, cell phones, and other high-tech items, which are generally useful earlier on but become less so as newer models are brought to market. An accelerated method of depreciation ultimately factors in the phase-out of these assets. Contact us at (313) 336-4949 to schedule a consultation.

06/19/2023

Business lines of credit are important and can come in handy if you want to make sure you have fluid cash flow as a small business owner. It does have a cap on what you are allowed to borrow, but that also depends on the type of credit involved. Continue reading this article to get the full scoop so you can be fully educated on this topic. Contact us at (313) 336-4949 to schedule a consultation.

A business line of credit allows a business to only borrow as much as it needs. Learn how a line of credit works and how they differ from business loans.

06/16/2023

If you own a business or have investments overseas, you may have additional tax obligations to consider. Be sure to consult with a tax professional to ensure you're compliant with all applicable tax laws. Contact us at (313) 336-4949 to schedule a consultation.

06/14/2023

Are you an American living and working abroad? Don't be caught off guard - familiarize yourself with the IRS rules concerning foreign earnings. Get answers to some common questions related to taxes so that your finances remain compliant!

For all your tax-related questions, contact us at (313) 336-4949. We'd love to help you!

For many Americans, the prospect of working abroad is as exciting as it is burdensome. While moving to a new country for work presents exciting new experiences and opportunities, it also presents new tax requirements. As a US citizen living and working outside the country, your earnings are subject....

06/13/2023

As an expat, you may be eligible for several tax deductions and credits, including the Foreign Earned Income Exclusion and the Foreign Tax Credit. Make sure you're taking advantage of all the tax benefits available to you. Contact us at (313) 336-4949 to schedule a consultation.

06/12/2023

It can feel tricky when you already submitted your taxes, only to realize that there was a mistake after you sent it in. Before you decide to do anything, confirm that there is in fact a mistake. Rather than stressing out about it, have your preparer check your taxes to confirm the error. If there is an error, you could be in luck and the IRS may find out about it and notify you to rectify the situation. Continue reading this article to learn about what else needs to be done. Contact us at (313) 336-4949 to schedule a consultation.

Make sure there’s really an error first. Stay calm, determine whether you or your tax preparer will fix the mistake, amend the tax return and get ready to pay.

06/09/2023

As a small business owner, protecting your intellectual property is vital. This consists of the intangible assets such as trademarks, copyrights, and patents as well as designs, business ideas, and trade secrets. You want to keep anything that differentiates your business from any other safe. If a competitor tries to copy your products, then they can erode your market share and damage your reputation. For more tips and tricks on managing your small business, contact us today at (313) 336-4949.

06/07/2023

Capital gains taxes apply to any asset that has increased in value from the original purchase price, including buildings and properties, stocks or bonds, land rights, and even artwork. When sold at a profit – potentially giving you extra income– these assets are subject to this tax which varies by region.

To schedule a consultation, contact us at (313) 336-4949.

The government levies taxes on most income-generating activities. Investing and selling assets are income-generating activities, making the proceeds taxable under the capital gains tax. Here is a brief guide on how the capital gains tax works and tips to reduce your taxes. What Is Capital Gains Tax?...