If you are a small-business owner, you don’t have to sell your business to benefit from a buy–sell agreement. In fact, having a buy–sell agreement may be required under state law for certain companies. Whether mandated or not, having a buy–sell agreement in place is a fundamentally sound business practice. It can protect your family’s…
How the new portable estate tax exclusion affects planning for married couples Effective for estates of decedents dying after 2010 and before 2013, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act) allows a deceased spouse's unused exemption to be shifted to the surviving spouse. This Practice Alert…
Careful allocation between 1245 and 1250 property can boost first-year depreciation write-offs Businesses interested in maximizing their first-year write-offs have a powerful incentive to place new assets in service this year. Under Code Sec. 168(k), they can write off 100% of the cost of qualifying assets in the placed-in-service year. Most building costs are long-lived…
The March 2011 Client Bulletin is now available. Please click on the link below to view the full issue. This month's issue contains the following articles. Income Tax Rates Hold Steady Easing the Burden of Estate Tax Tax Calendar For more information about these topics, please contact our professionals at 810-238-4617.
Michigan's current system of business taxes, particularly the Michigan Business Tax (MBT), is highly complex, and includes an intricate web of incentives, credits, and deductions that unfairly favor some businesses or industries over others, hurts Michigan businesses, and hampers job growth. Replacing the MBT with a simple, fair, and efficient Corporate Income Tax will even…
The February 2011 Issue of the Client Bulletin is now available. Please check out the publication for timely financial information that could affect you. The publication includes the following articles: Businesses Get the Green Light for Going Green Socially Responsible Investing Gains Ground Tax Calendar
The newly passed and signed 2010 Tax Act, formally named the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, includes several provisions that will affect taxpayers. The below link highlights key information from the Act that may affect you and your financial situation. If you have any questions about the Tax Relief Act…
If you operate a business out of your home, you may be able to write off a portion of your everyday living expenses. But tax deductions for home-office expenses are not automatic. Basic rules: Home-office expenses are deductible on your 2010 tax return if you use part of the home “regularly and exclusively” as either…
The “kiddie tax” is a bit of a misnomer. This tax provision may actually apply to children well into their twenties. Nevertheless, with some advance planning, you can minimize or even eliminate the tax damage. Basic rules: Income is generally taxed at the tax rate of the individual who receives it. For example, if you…
The IRS recently released its annual cost-of-living adjustments for certain qualified retirement plan thresholds. Because the needle on inflation barely moved last year, the limits for 2011 generally remain the same as they were in 2010, as shown in the chart below. Retirement plan provisions Limit for 2010 Limit for 2011 Maximum annual dollar…
