A new year is here, bringing new opportunities and tax strategies business owners should be aware of as a new filing season is approached. Doeren Mayhew’s tax advisors highlight five key tax planning strategies to consider in 2020: 1. Economic Nexu...

The Setting Every Community Up for Retirement Enhancement Act, better known as the SECURE Act, was signed into law at the end of December to help more Americans prepare and plan for greater financial security during their retirement years. Here are s...

The Internal Revenue Service (IRS) has released new proposed rules related to charitable contributions made to get around the $10,000/$5,000 cap on state and local tax (SALT) deductions. The proposed regulations include: incorporate the safe harbor i...

The Internal Revenue Service (IRS) finally issued the optional standard mileage rates for 2020 used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Doeren Mayhew has outlined the upda...

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on Dec. 20, 2019, made these fo...

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of ...

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to ti...

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax ...