1040 Itemizers: Tax laws changed, you’re probably under withheld for 2018

Get answers today.

If you’ve been itemizing, you’re likely in for a surprise. With the new generous near doubling of the ‘standard deduction’, while the tax tables (and your payroll provider) will adjust from a standard deduction perspective, they may miss the fact that you would have ‘extra’ deductions that help out on the 1040.

Its best to estimate now than to get a surprise later.

Get my perspective.


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Michigan Retirement Benefits – what’s taxable?

Here’s a ‘quick n dirty outline’:Anibal-Group-LLC-RealtyNetWorth-Senior_Services_mom-dad-time-to-sell-house

  • “…Retirees born before 1946 are not likely to see any change in the tax treatment of their benefits.
  • Retirees born during the years 1946 through 1952 will only be taxed on benefits that exceed $20,000/single filer or $40,000/joint filers.
  • Retirees born after 1952 will be taxed on all of their benefits until reaching age 67…”

More at



New Tax Law: Planning Now

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Year-end tip: Your deductions may be worth more this year than next, consider advance paying some deductable expenses.


 


 

When to elect S-Corp status

Whats’ a ‘retroactive election’?

Anibal-Affiliates-RealtyNetWorth-ask-signMost small-business owners and even some tax preparers don’t realize that you can make a retroactive election to be an S-Corp for 2017 if you already have been operating as an LLC all year long. A tax accountant or CPA can help you with the procedure and make reference to the proper revenue procedures to include with your Form 2553. Many believe there is a hard and fast 75-day rule at the beginning of the year to make this election for all of 2017. This is certainly not the case. Talk to your CPA to follow the correct procedure to get a retroactive election accepted.

Year-end tip: Make a retroactive election for your LLC to have an S-Corp for all of 2017, and get your payroll allocation completed before year-end.



 

How to set up a corporation or LLC in Michigan?

When setting up a corporation in Michigan your initial consultation is ALWAYS free and we’ll discuss:



  1. Choose Corporate Name. …
  2. Appoint Registered Agent. …
  3. Set Up Corporate Books. …
  4. Prepare Corporate Bylaws. …
  5. Appoint Corporation Directors. …
  6. Hold First Board of Directors Meeting. …
  7. Issue Company Stock. …
  8. Taxation Related:
    • EIN: Your corporation must obtain a federal employer identification number (EIN).
    • S Corporation Filing: If the corporation wants to elect S corporation status for tax purposes, it must submit Form 2553 Election by a Small Business Corporation (signed by all the shareholders).
    • UIA
  9. Business Licenses: Local DBA’s as needed, etc.
  10. Don’t forget to: File Michigan Annual Report Requirements.


Long term care insurance – do I need it?

Well, after seeing a long time client use over $100,000 worth of LT care this year alone, you Anibal-Affiliates-RealtyNetWorth-Old+People+and+technologymay wish to visit this question closer. Fortunately, they had purchased LT care insurance.

http://www.aarp.org/health/health-insurance/info-06-2012/understanding-long-term-care-insurance.html