Browsing: Taxes

Your Share of Pandemic Spending

Your Share of Pandemic Spending

Since the pandemic hit last year, the Federal government has gone on a massive spending spree, driving budget deficits and the federal debt to unprecedented levels. The numbers are staggering so let’s break them down to make them a little more understandable. Congress has authorized about $6 trillion in pandemic related spending so far and… read more

Retiring Soon? Watch Out for IRMAA!

Are you planning to retire in the next few years? If so, you’ll want to get to know IRMAA to avoid one of the more stealthy taxes. Wait, What?! Unfortunately IRMAA is one of those nasty surprises that hits you and you go “Wait, what?!” Your tax preparer can explain it to you after you… read more

Are You Prepping or Planning?

Income tax season is upon us as 1099s fill our mailboxes and the filing deadline looms just 60 days from now.  Many filers will turn to Turbotax or other software and nervously complete the forms, hoping not to make a mistake that might bring on the wrath of the IRS.  They may also be anxiously… read more

Vintage Adds More Tax Expertise

We’re excited about the strengthening of our tax team over the past couple years. This year we upgraded our tax software to a more efficient package and have added more expertise. Tammy Wakevainen, CPA joined us in 2019 and heads up our tax team. This year we added another CPA, Amy Haselhuhn, who, like Tammy,… read more

Itemized Deductions—Could They Help You?

As the year comes to an end, it is time to start looking at your deductions, and whether you will be taking the standard deduction or itemizing. When taking the standard deduction, the IRS has set dollar amounts—based on filing status—to subtract from your income. You also have the option to itemize which allows you… read more

Ten Reasons to Tax Plan Now

Taxes are the biggest expense for many Americans, and yet, most fail to do much to reduce their income taxes.  Those that use a professional tax preparer may get some good suggestions when they get their tax return done early in the year, but to get the best tax savings, you need to so some… read more

Can I Take a Home Office Tax Deduction?

As a result of the COVID-19 pandemic, many people who do not typically work from home are doing so now. And many workers will continue to do so for the foreseeable future. This brings up an interesting question, “Do I qualify for a tax deduction if I work from home?” The Tax Cuts and Jobs… read more

2020 Planning Checklist

The world has changed dramatically in 2020 so it’s a good time to revisit your financial planning.  There have been three major tax laws enacted over the past several months and many people’s income will look very different this year. It’s also a good time to revisit your retirement plan and estate plan.  And Michiganders… read more

COVID-19 & Taxes

Where are taxes headed and how can you prepare? Unprecedented situations call for unparalleled solutions and the Coronavirus pandemic has marshalled the full resources of our government to blunt the blow of the virus on the economy. Several phases of fiscal stimulus – government spending – have increased the budget deficit and will certainly help… read more

Tax Planning Day

Today, April 15th, normally marks the annual tax filing deadline for taxpayers.  But, of course, this isn’t a normal year and the deadline has been extended to July 15th.  Rather than filing your tax returns today, you may want to take the opportunity to do some tax planning.  Two major tax laws, the SECURE Act… read more