Governor Whitmer signs legislation phasing out retirement tax & raising working families tax credit
Check out our recap of the recently signed legislation that will phase out the state’s retirement tax over four years, as well as raise the Michigan Working Families Tax Credit to match the federal Earned Income Tax Credit. Click the image below to learn more. Click the image to download a PDF.
Governor Whitmer signs legislation phasing out retirement tax & raising working families tax credit
Check out our recap of the recently signed legislation that will phase out the state’s retirement tax over four years, as well as raise the Michigan Working Families Tax Credit to match the federal Earned Income Tax Credit. Click the image below to learn more. Click the image to download a PDF.
Life Transitions Virtual Event Series
Our next series of seminars will focus on life transitions. Sign up for our next seminar covering the topic of Medicare! Managing Medicare in Retirement: If you are between the ages of 58 and 65, now is a great time to start learning about the rules and deadlines related to Medicare supplements. Join us […]
IRS announces two new online tools to help families manage Child Tax Credit payments…
Clients & friends, today the IRS announced two new online tools families can use to help manage their Child Tax Credit payments. There is now a portal to unenroll from advance payments on the child tax credit. Also note that for those who are married, both spouses will need to unenroll. For all the details, […]
IRS announces further details of tax credits available to help small businesses…
The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. The additional details, provided in a fact sheet, spell out some basic facts about the employers eligible for the tax credits. It […]
Small businesses have until May 31 to apply for a forgivable loan
On Tuesday, President Biden signed into law a two-month extension of the Paycheck Protection Program (PPP) one day before the coronavirus relief fund was poised to expire, giving small businesses until May 31 to apply for a forgivable loan. Click here for more details.
IRS to recalculate taxes on unemployment benefits…
Dear Clients & Friends, the IRS has announced that they will start sending out the refunds in May for recalculated unemployment returns that have been filed. Click here to read more. As always, please feel free to reach out to your H&S tax professional with any questions!
SBA defers repayment of disaster loans…
The Small Business Administration pushed back the deferment period for all its disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. Click here for all the details!
Tax Filing Season Begins February 12th!
The IRS has announced that the 2021 tax filing season will begin on Friday, February 12th. Expecting a refund? Click here to read more on how the IRS plans to speed up the refund process amid the pandemic. Make sure to check out their tips for taxpayers below on how to make filing easier: To […]
H&S 2021 Tax Newsletter
[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kjubx7sd’ admin_preview_bg=”] Gratitude. Merriam-Webster defines this word as: the state of being grateful: thankfulness Given the hardships and heartache endured throughout the world over the last year you might find this an odd word to open with for our 2021 tax season communication. But you know […]