Most churches will qualify for federal income tax exemption under Section 501(c)(3) of the Internal Revenue Code. However, there is a restriction on certain types of political activity that churches and other non-profit organizations can engage in to retain...
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Federal Taxation
What Is The Section 179 Tax Deduction?
Section 179 of the Internal Revenue Code allows businesses to deduct the full cost of certain depreciable capital assets such as furniture or equipment in the tax year they were placed in service as an expense not chargeable to a capital account as opposed to...
Who Is Responsible to Pay The Heavy Vehicle Use Tax (HVUT)?
The heavy vehicle use tax (HVUT) is a tax assessed annually on certain heavy vehicles exceeding 55,000 lbs. that operate on public highways. This is an expense that disproportionately affects commercial truck drivers and agricultural vehicle drivers hauling...
What Are The Tax Consequences Of Receiving An Inherited IRA?
When someone inherits an individual retirement account (IRA) from a deceased person, they find themselves at the crossroads of making tax planning decisions where the wrong move can lead to expensive consequences. The options available to the beneficiary of...
What Standards Are Used By The IRS To Determine Classification As Independent Contractor Or Employee?
It can be a costly mistake for both workers and businesses to wrongly classify whether a worker is acting as an employee or an independent contractor on behalf of the business. If a worker is classified as an employee, then the employer has the duty to...
President Biden Forgives Up To $20,000 In Student Loans For Low- To Middle-Income Americans: Is It Considered Taxable Income For Federal Tax Or Michigan Tax Purposes?
On August 24, 2022, President Joe Biden issued an executive order to help provide relief to nearly 95% of U.S. residents who are burdened by student loan debt. The most significant announcement was that the U.S. Department of Education will provide up to...
What Tax Advantages Are Available To Foster Parents In Michigan?
Foster parents perform a critical function in society to help children removed from their biological homes to have as normal and stable of an upbringing as possible. These foster children may be placed temporarily until conditions improve at their original...
IRS Increases Standard Mileage Rates In Mid-2022 Due To Inflation And Gas Price Hikes
On June 9, 2022, the Internal Revenue Service issued Announcement 2022-13 which increased the optional standard mileage rates for the final 6 months of 2022 in an effort to address inflation and gas price increases. Beginning July 1, 2022, these new rates go...
What Federal Taxes Does A Limited Liability Company (“LLC”) Pay?
A limited liability company (LLC) is a type of business association formed under state law that combines the best parts of being a disregarded entity and being a corporation. Generally, disregarded entities (e.g. sole proprietors and partnerships) enjoy...
Are Commuting Expenses Tax Deductible?
Driving back and forth from home to work everyday can be very time-consuming and expensive, especially if several hours per day are spent on the road. Are the expenses of commuting to and from work (e.g. mileage, gasoline, wear-and-tear on your vehicle) tax...
