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Bunching Miscellaneous Itemized Deductions

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2 percent of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to date to see if bunching is a smart strategy for you this year. Bunching into 2016 If your miscellan... more

Combining Business and Vacation Travel: What Can You Deduct?

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation Expenses Transportation costs to and from the location of your business activity are 100 percent deductible as long as the primary reason for the trip is business rather than pleasure. On the other hand, if vacation is the primary reason for your... more

3 Tax-Smart Giving Strategies

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place). Even if your estate tax isn’t large enough for estate taxes to be a concern, there are income ... more

4 Tax Bills Introduced to Congress Prior to Extended Recess

The Democratic and Republican nominating conventions triggered an early recess for Congress. Before recessing, the House voted to undo part of the Affordable Care Act (ACA) and approved a reduced budget for the Internal Revenue Service (IRS). Leading tax writers in the Senate addressed tax-related identity theft and home buying incentives. Key legislation initiatives include: ACA Before passage of the ACA, taxpayers ... more

Should You Make A “Charitable IRA Rollover” in 2016?

Last year a break valued by many charitably inclined retirees was made permanent — the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. Satisfy Your RMD A charitable IRA rollover can be used to satisfy required minimum distributions (RMDs)... more

Eligible Manufacturing Michigan PPT Exemption & Essential Services Assessment: Next Steps

Taxpayers who were granted the Eligible Manufacturing Personal Property (EMPP) Exemption for the 2016 tax year must now create an account through Michigan Treasury Online (MTO), certify their Essential Services Assessment (ESA) Statement, and pay their tax liability in full. Once claimants were granted the exemption after filing Form 5278, the assessors transmitted the information to The Department of Treasury, who the... more

Is Your Business Prepared for a Disaster?

With recent storms causing flooding and wildfires happening nationwide, it’s a very ideal time to implement or revisit the disaster recovery plan for your business. A “disaster” can come in many forms, such as: A fire, flood, hurricane, tornado or ice storm that damages, destroys or isolates your business’ premises. A power surge that fries your computer systems and the intellectual property it contains. ... more

Proving “Material Participation” To Deduct Business Losses

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income from other passive activities. Any excess passive loss is suspended and must be carried forward to future years. Material participation is determined based on the time you spend in a business activity. For ... more

Is it Time to Review Your Employee Benefit Plan’s Operations?

As an employee benefit plan sponsor, your job seems never ending with the numerous Department of Labor (DOL) rules and regulations concerning a plan fiduciary. If you take an organized, methodical approach, you can satisfy your fiduciary obligations without it becoming an unduly onerous process. An added plus is that the more methodical you are, the more evidence you’ll have to show that you’ve met your fiduciary duti... more

Homeowner’s There is Still Time to Save With Green Tax Credits

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What Qualifies? The credit is for expenses related to your principal residence. It equals 10% of certain qualified improvement expenses ... more
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Doeren Mayhew CPAs and advisors is a certified public accounting firm serving businesses nationwide from offices in Florida, Michigan, North Carolina and Texas. Our award-winning CPAs and investment bankers provide comprehensive accounting and consulting services, specializing in domestic and international tax planning, construction accounting, manufacturing accounting, mergers and acquisitions, lawsuits and litigation support, business valuations and more. Combining a deeply rooted history with a progressive mindset, the firm offers insight into the business, oversight to ensure best practices and foresight for what's ahead. Visit www.doeren.com for more information.