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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!

H&S 2021 Tax Newsletter

H&S 2020 Tax Newsletter

We hope that you enjoyed the holidays and that 2020 is off to a great start! For us, the new year brings a new tax season and a new tax newsletter.

Our annual tax newsletter is full of tax law changes and we hope you find it helpful. Please feel free to contact your H&S tax professional if you have any questions – we are here to help!

Click the image below to download a copy of our 37th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Questionnaire

H&S Tax Checklist

Times Indicator – Effective Use of Your Retirement Plan or IRA

You’ve worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it’s time to begin thinking about how to tap your plan assets for income.

First, evaluate your needs. Estimate your non-negotiable basic needs for things like housing, food and medical care. This is how much you’ll need just to get by. Then, estimate your income needs for things like travel, leisure and entertainment to determine how much income you’ll need for your desired lifestyle. You can adjust the lifestyle items, if necessary, but conventional guidance says you’ll need at least 70 percent of your pre-retirement income in retirement.

Second, assess your predictable income. Determine how much you can expect from Social Security and traditional pensions. If your predictable income will be enough to cover your basic needs, you may be in a position to use your retirement savings to fund your lifestyle.

On the other hand, if your basic needs exceed your predictable income, think carefully about how you tap into your retirement savings.

For example, if you have both tax-deferred and tax-free (Roth) accounts, you might consider utilizing tax-deferred accounts first to maximize the tax-free growth potential of your Roth.

Third, understand your plan options. Upon leaving your employer, you typically have four options. Plans may allow you to leave the money alone or may require that you begin taking distributions upon reaching the plan’s normal retirement age. You may choose to withdraw the money as a lump sum or receive equal payments for life. You may roll the money into an IRA. Or, if you continue to work during retirement, you may be able to roll the money into your new employer’s plan. Be sure to compare fees and expenses for each option before making a decision!

Determining the appropriate way to tap your assets can be extremely challenging and should take into account a number of factors, including income taxes, other income-producing assets, your overall health, and your estate plan.

The good news is you don’t have to do it alone. Speak with an accountant, attorney or financial advisor today to learn more about your options.

*Click anywhere in the article to download the PDF*

H&S 2019 Tax Newsletter

We hope that you enjoyed the holidays and that 2019 is off to a great start! For us, the new year brings a new tax season and a new tax newsletter.

Our annual tax newsletter is full of many new tax law changes, and we hope you find it helpful. Please feel free to contact your H&S tax professional if you have any questions – we are here to help!

Click the image below to download a copy of our 36th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Questionnaire

H&S Tax Checklist

CPA's & Business Advisors

Trump Tax Cut Clean Up Signed With $4,900 Personal Exemption

Did you know? Michigan is the first state to enact a law designed to prevent a potential surprise state tax increase of as much as $1.5 billion from President Donald Trump’s tax reform plan. Gov. Rick Snyder signed this legislation, flanked by both legislative leaders and Lt. Gov. Brian Calley on Wednesday.

Click here to read the full article by the Small Business Association of Michigan!

MI State Capitol Bldg

H&S 2018 Tax Newsletter

Well folks it’s here, another new year! Happy 2018! We hope you enjoyed the holidays, and were able to spend time with family and friends.

Our annual tax newsletter is full of many new tax law changes, and we hope you find it helpful. There are sure to be questions, so please feel free to contact your H&S tax professional – we are here to help!

Click the image below to download a copy of our 35th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Checklist

H&S Tax Questionnaire