gurin and gurin logo

BUSINESS HOURS
MON - THU: 8:00 AM - 4:30 PM
                               FRI: 8:00 AM - 3:00 PM
                               SAT & SUN: CLOSED
  • Traditional & Roth IRA
    • Annual Contribution Limit: $5,500
    • Catch-Up (age 50+): $1,000
  • SIMPLE IRA
    • Annual Contribution Limit: $12,500
    • Catch-Up (age 50+): $3,000
  • 401(k)/403(b)/457
    • Annual Contribution Limit: $18,000
    • Catch-Up (age 50+): $6,000
  • Qualified Plans
    • Defined Benefit Plan Limit: $215,000
    • Defined Contribution Plan Limit: $54,000
    • Compensation Limit: $270,000
  • Retirement Savings Contribution Credit
    • AGI Limit
      • Married Filing Jointly: $62,000
      • Head of Household: $46,500
      • Single/Married Filing Separately: $31,000

Click here for a printer friendly version

  • Standard deduction
    • Single/Married Filing Separately: $6,350
    • Married Filing Jointly/Qualifying Widow(er): $12,700
    • Head of Household: $9,350
  • Itemized deduction limitation affects single taxpayers with incomes of $287,650 ($313,800 for married taxpayers filing joint return)
  • Personal exemption remains at $4,050 (subject to phase-out that begins with adjusted gross income (AGI) of $261,500 ($313,800 for married taxpayers filing joint return)). Complete phase-out at $384,000 ($436,300 for married taxpayers filing joint return).
  • Alternative Minimum Tax (AMT) exemption increases to $54,300 ($84,500 for married taxpayers filing joint return)
  • Maximum Earned Income Credit (EIC) increases to $6,318 for taxpayers with three or more children
  • Estate tax deduction increases to $5.49 million for decedents who die during 2016
  • Foreign earned income exclusion increases to $102,100
  • Annual gift tax exclusion remains $14,000 per person
  • Annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) increases to $2,600

Click here for a printer friendly version.

Tax Resources
Listed below are miscellaneous online resources and links we think you might find useful:

INTERNAL REVENUE SERVICE (www.irs.gov)
At the IRS website, you can download forms, instructions, publications, send comments and check the status of your current year or amended tax return refund.

If you are an individual taxpayer that needs telephone assistance, call (800) 829-1040.

If you are a business taxpayer that needs telephone assistance, call (800) 829-4933.

Always have a copy of the letter, document or tax return you would like to discuss when you call.

Whether you are an individual or a business taxpayer, and you have not been able to resolve your tax issue(s), you may contact the Taxpayer Advocate.  For more information on how the Taxpayer Advocate's office can help you, visit http://www.irs.gov/Advocate.

STATE of MICHIGAN (www.michigan.gov)
Get information on the latest state tax topics; download forms & instructions or log onto your individual income tax account to submit inquiries & check the status of your tax return.

To contact the Michigan Department of Treasury, call (517) 373-3200.

QUICKBOOKS (www.quickbooks.com)
If your business uses Quickbooks, visit the webiste for the latest in accounting, payroll, and invoicing information.

FEDERAL STUDENT AID (www.fafsa.ed.gov)
Here you can find helpful information on the financial aid process for your college-bound depenent!  You can fill out the FAFSA for directly from your computer by logging in to your account.

For additional financial out resources, visit these websites:

www.fastweb.com
www.finaid.org
www.collegeparents.org
www.savingforcollege.com

www.stockpoint.com
Do you want to know how your stocks are doing? Okay, well, maybe not! But for the curious and brave, click on the link above to find out what's up (or down) on Wall Street!

Personal Finance Web Sites: click here

So that we may accurately prepare your business tax return(s), we have provided a checklist for your convenience. This is to ensure that any itemized deductions, exemptions, income & expenses, etc. are not overlooked. Please print it out and include it with your tax information.

Business Checklists:

Click Here for the Business Worksheets

 

1ST QTR: January - February - March

2ND QTR: April - May - June

3RD QTR: July - August - September

4TH QTR: October - November - December

BUSINESS DUE DATES

When do W-2's & 1099s need to be mailed out to employees & subcontractors? When are quarterly reports due? For answers to these and other "due date" questions, click on a month below to ensure you get your information sent in on time.

NOTE: Business Due Dates are for calendar year businesses

January

  • 01 - 1st Quarter begins
  • 02 - Stop advance payments of the earned income credit for any employee who did not give a new Form W-5
  • 15 - 941 payment (Federal Withholding, Social Security, Medicare)
  • If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in December
  • 25 - State of Michigan Unemployment (MESC) payment & report due for 4th Quarter
  • 31 - W-2s need to be distributed to employees
  • 31 - Reportable gambling winnings or withholding on gambling winnings need W-2Gs distributed to winners
  • 31 - Form 940 or 940-EZ (Federal Unemployment Tax) due for previous tax year
  • 31 - Form 941 (Employers Quarterly Report) due for 4th Quarter
  • 31 - Michigan Personal Property Tax (PPT) returns due to city or township where business operates
  • 31 - Form W-3 & Form 1096 due to the Internal Revenue Service

February

  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in January
  • 28 - Annual Michigan State Reconciliation form due to Michigan Department of Treasury

March

  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in February
  • 15 - Form 1065/1120/1120S tax returns due for December year-end corporations, partnerships & limited liability companies
  • 15 - Partnership/LLC/Corporate Extensions (Form 7004) due
  • 15 - Election by a Small Business Corporation (Form 2553) due for current year S-Corporation status
  • 30 - Deposit FUTA (Federal Unemployment Tax Agency) for payments through March, if more than $500
  • 31 - End of 1st Quarter

April

  • 01 - 2nd Quarter begins
  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in March
  • 15 - 941 payment (Federal Withholding, Social Security, Medicare)
  • 15 - 1st Quarter 1120 Estimate due
  • 25 - State of Michigan Unemployment (MESC) payment & report due for 1st Quarter
  • 30 - Form 941 (Employers Quarterly Report) due for 1st Quarter
  • 30 - Annual Michigan CIT return due
  • 30 - Michigan CIT Extension due

May

  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in April
  • 15 - Michigan Annual Return & payment due

June

  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in May
  • 15 - 2nd Quarter 1120 Estimate due
  • 15 - State of Michigan Unemployment (MESC) payment & report due for 2nd Quarter
  • 30 - End of 2nd Quarter

July

  • 01 - 3rd Quarter begins
  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in June
  • 25 - State of Michigan Unemployment (MESC) payment & report due for 2nd Quarter
  • 31 - 941 payment (Federal Withholidng, Social Security, Medicare) due for 2nd Quarter
  • 31 - If you maintain an employee benefit plan (i.e. pension, profit sharing, stock bonus plan), Form 5500 or Form 5500-EZ due
  • 31 - Deposit FUTA (Federal Unemployment Tax Agency) for payments through June, if more than $500

August

  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in July

September

  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in August
  • 15 - Forms 1065/1120/1120S under extension due
  • 15 - 3rd Quarter 1120 Estimate due
  • 30 - End of 3rd Quarter

October

  • 01 - 4th Quarter begins
  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in September
  • 15 - 941 payment (Federal Withholding, Social Security, Medicare)
  • 25 - State of Michigan Unemployment (MESC) payment & report due for 3rd Quarter
  • 31 - Form 941 (Employers Quarterly Report) due for 3rd Quarter
  • 31 - Deposit FUTA (Federal Unemployment Tax Agency) for payments through September, if more than $500

November

  • Ask employees whose withholding allowances will be different in next tax year to fill out a new W-4 form
  • Each eligible employee who would like to received advance payments of the EIC (earned income credit) during the following tax year should fill out W-5 form. (Reminder: A new W-5 form should be filled out each year before any payments are made).
  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in October

December

  • 15 - If monthly deposit rule applies, deposit tax (payroll and/or sales) for payments in November
  • 31 - End of 4th Quarter

So that we may accurately prepare your individual tax return(s), we have provided a checklist for your convenience. This is to ensure that any itemized deductions, exemptions, income & expenses, etc. are not overlooked. Please print it out and include it with your tax information.

Individual Checklists:

Click Here for the Individual Worksheets

 

QUARTERLY ESTIMATE DUE DATES

  • 1ST QTR (January - February - March): April 15
  • 2ND QTR (April - May - June): June 15
  • 3RD QTR (July - August - September): September 15
  • 4TH QTR (October - November - December): January 15

 

OTHER DUE DATES

January

  • 01 - 1st Quarter Begins
  • 15 - 4th Quarter federal estimate due (Form 1040ES)
  • 15 - 4th Quarter state estimate due (Form MI-1040ES)
  • 31 - W-2s need to be distributed to employees
  • 31 - 1099s need to be distributed to recipients
  • 31 - Michigan Personal Property Tax (PPT) returns due to city or township where business operates

 February

  • 18 - If you claimed exemption from income tax w/h lat year on form W-4, fill out new, updated W-4 in order to continue the exemption for an additional year
  • 28 - Form W-3 & Form 1096 due to the Internal Revenue Service
  • 28 - Annual Michigan State Reconciliation due to Michigan Department of Treasury

 March

  • 31 - End of 1st Quarter

 April

  • 01 - 2nd Quarter Begins
  • 15 - Individual income tax returns (Form 1040, 1040A, 1040EZ) & previous year's tax liability due
  • 15 - Individual 6-month automatic extension (Form 4868) due
  • 15 - FINCEN Report 114 due
  • 15 - 1st Quarter federal estimate due (Form 1040ES)
  • 15 - 1st Quarter state estimate due (Form MI-1040ES)

 May

 June

  • 15 - 2nd Quarter federal estimate due (Form 1040ES)
  • 15 - 2nd Quarter state estimate due (Form MI-1040ES)
  • 30 - End of 2nd Quarter

July

  • 01 - 3rd Quarter Begins

August

  • 15 - Form 1040, 1040A or 1040EZ due with extension

September

  • 15 - 3rd Quarter federal estimate due (Form 1040ES)
  • 15 - 3rd Quarter state estimate due (Form MI-1040ES)
  • 30 - End of 3rd Quarter

October

  • 15 - Form 1040, 1040A or 1040EZ due with additional extension

November

December

  • 31 - End of 4th Quarter

If you are thinking about starting a business or are already working to start a business, check out our Business Entity Comparison Chart to help you decide which entity is best for you. Feel free to email us with your questions regarding which business type we recommend to suit your needs, or you can call our office at (586) 263-0505.

DONOR SUBSTANTIATION REQUIREMENTS

Effective January 1, 2007, the IRS revised its recordkeeping requirements with regard to deducting charitable contributions.  Taxpayer substantiation requirements can be found in IRS Publication 1771 (Substantiation & Disclosure Requirements).

WHAT IS THE VALUE OF MY NON-CASH CHARITABLE CONTRIBUTION

When donating non-cash items, the amount that can be deducted is, generally, the item's fair market value (FMV) which is determined by the DONOR and not the charitable organization.  FMV is the price at which an item would change hands between a willing buyer and a willing seller, both neither having to buy or sell, and both having reasonable knowledge of all relevant facts.  However, there are certain items that are valued using special rules; these items can be found in IRS Publication 526.

To calculate the fair market value of your donated items, click on any of the following links:

NON-DEDUCTIBLE CONTRIBUTIONS:

  • Contributions to specific individuals
  • Contributions to nonqualified organization including:
    • Certain state bar associations if 1) it is not a political subdivision of a state; 2) it has private, as well as public, purposes (i.e. promotion the professional interests of members); and 3) the contribution is unrestricted & can be used for private purposes;
    • Chambers of commerce & other business leagues or organizations
    • Civic leagues & associations
    • Communist organzations
    • Country clubs & other social clubs
    • Foreign organizations other than certain Canadian; Israeli or Mexcian charitable organizations
    • Homeowners' associations
    • Labor unions
    • Political organizations and candidates
  • The part of a contribution from which you receive or expect to receive a benefit (includes RAFFLES; BINGOS; LOTTERIES, FRATERNAL ORDER DUES, etc.)
  • Value of your time and/or services
  • Personal expenses
  • Qualified charitable distribution from an IRA
  • Appraisal fees
  • Certain contributions to donor-advised funds
  • Certain contributions of partial interests in property

QUALIFIED CHARITABLE ORGANIZATIONS

  • Community chest; corporation; trust; fund or foundation organized or created in or under the laws of the United States; any state; District of Columbia; or any U.S. that operates solely for charitable, religious, scientific, literary or educational purposes or for the prevention of cruelty to children or animals.  In addition, certain organizations that foster national or international amateur sports competition also qualify.
  • War veterans' organizations including posts, auxiliaries, trusts or foundations organized by the United States or any of its possessions
  • Domestic fraternal societies, orders & associations operating under the lodge system (contribution only deductible if it's to be used solely for charitable, religiouis, scientific, literary or educational purposes or for the prevention of cruelty to children or animals)
  • Certain nonprofit cemetery companeis or corporations (does not qualify for deduction if used for the care of a specific lot or mausoleum crypt)
  • United States or any state; the District of Columbia; U.S. possession or Indial tribal government or any of its subdivisions that perform substantial government functions (only deductible if used solely for public purposes)
  • Churches, convention of association of churches, temples, synagogues, mosques & other religious organizations
  • Most nonprofit charitable organizations (i.e. American Red Cross; United Way)
  • Most nonprofit education organizations including Boys Scouts of America; Girl Scouts of America; colleges; museums.  Also includes nonprofit daycare centers that provide childcare to the general public if substantially all the childcare is provided to enable parents and guardians to be gainfully employed.  If the contribution is a substitute for tuition or other enrollment fee, it does not qualify.
  • Nonprofit hospitals & medical research organizations
  • Utility company and emergency energy programs if the utility company is agent for a charitable organization that assists individuals with emergency energy needs;
  • Nonprofit volunteer fire companies
  • Nonprofit organizations that develop & maintain public parks & recreation facilities
  • Civil defense organizations

To find out if the tax-exempt status of an organization, you can perform a search on the IRS website at http://apps.irs.gov/app/eos/

STANDARD MILEAGE RATES

  2017 2016 2015
Business (per mile) 53.5 cents 54.0 cents 57.5 cents
Charitable (per mile) 14.0 cents 14.0 cents 14.0 cents
Medical/Moving (per mile) 17.0 cents 19.0 cents 23.5 cents

BUSINESS

Standard mileage rates for business purposes replace actual expenses including, but not limited, to:

  • Depreciation (or lease payments)
  • Gas & oil
  • Tires
  • Repairs, tune-ups & maintenance
  • Insurance
  • Registration fees

Once the choice has been made to use the standard mileage in lieu of actual expenses, the taxpayer must continue to use that method until the asset has been disposed of, retired or no longer in service.

CHARITABLE

  •  Standard mileage rates for charitable purposes replace actual expenses such as gas and oil.
  • In addition the standard mileage rate, taxpayers can deduct parking fees and tolls for charitable purposes.

MEDICAL/MOVING

  • Standard mileage rates for medical and/or moving purposes replace actual expenses such as gas and oil.
  • In addition to the standard mileage rate, taxpayers can deduct parking fees and tolls for medical and/or moving expenses.

AS WITH ALL TAX DEDUCTIONS, TAXPAYERS MUST KEEP WRITTEN RECORDS OF VEHICLE EXPENSES.

GURIN & GURIN PC
PH: (586) 263.0505  |  FX: (586) 263.1428
38800 Garfield Rd Ste 120  |  Clinton Twp, MI  48038
(3rd building South of 17 Mile on East side of Garfield)
© 2014-2017, Gurin & Gurin, PC.  All Rights Reserved.