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Tax-Preparation

 

Website Gross Profit

02 May, by Jschultz in Accounting, Tax-Preparation

    So are you trying to build your website retail presence.  First we need to do is run the numbers.  But we need to work backwards. First things first.  What is your average internet sale amount? For the sake of conversation let us assume…




Tax Season Recap

22 Apr, by Jschultz in Accounting, Tax, Tax-Preparation

  The 2014 filing season is over as I write on Earth Day 2014 this tax season recap.  I have some optimism from the season which saw small business owners seeing increased revenue, employee’s receiving cash and stock bonuses and clients starts to put more…




Statutory Employee

25 Feb, by Jschultz in Accounting, Business, Tax, Tax-Preparation

Statutory Employees are essentially independent contractors. It is mostly at the convince of the contractor that an vendor decides to treat them as a statutory employee. They are not common law employees. The are not eligible for benefits. This classification is available to certain drivers…




Personal Property Tax

23 Feb, by Jschultz in Accounting, Business, Tax, Tax-Preparation

Personal Property Tax is in for a major change in Michigan starting in 2014.  Most businesses with small amounts of personal property will no longer be subject to the Michigan personal property tax.  In order to qualify you must submit an affidavit Form 5076 to…




US Savings Bonds

16 Feb, by Jschultz in Tax, Tax-Preparation

Schultz & Associates, CPA is a metro Detroit accounting, auditing and income tax preparation and advisory firm. If your in of income tax Royal Oak may not have the right local firm you are looking for. US. Savings Bonds can be a good way to…




Retirement Plans

12 Feb, by Jschultz in Accounting, Tax, Tax-Preparation

    Many employers like the idea of retirement plans for employees. When business owners look for complex tax planning opportunities, depending on the size of the company and the goals of the owners, they will some time consider deferred compensation plans.  These are considered…




MyRA

31 Jan, by Jschultz in Tax, Tax-Preparation

President Obama signed an executive order of January 29, 2014 creating the MyRA. It appears that its intention is to provide a low risk saving opportunity for those who do not participate in company run retirement plan.  The annual limits on the contribution will be…




Tax Prep in Vicinity of Dearborn CPA

30 Jan, by Jschultz in Tax, Tax-Preparation

Schultz & Associates is not a Dearborn CPA firm though we do have strong ties to the community.   Individual Filer Rates: $0 to $8,925 = 10% rate $8,926 to $36,250 = 15% $36,251 to $87,850 = 25% $87,851 to $183,250 = 28% $183,251 to…




Dividend Tax increase for 2013

28 Jan, by Jschultz in Tax, Tax-Preparation

  The Dividend tax increase to 20% starting in 2013 for certain high income earners.The threshold for married taxpayers is $450,000 while the threshold for single filers is $400,00. The IRS deems dividends as distributions of property by a corporation to its shareholders. The distribution…