BHT&D Certified Public Accountants Blog

At BHT&D CPAs, we get many questions regarding the documentation required to deduct charitable donations. The documentation required depends on the type and amount of the donation.

CASH DONATIONS 

1. If the cash donation is $250 or less, you may use any of the following as proof of donation:

Tags: Business Tax, Individual Tax, Charitable Donations

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of non-corporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI).

Tags: Small Business Accounting, Small Business, Individual Tax, TCJA

It’s fair time in Michigan and summer 2018 is all set for some great fun! Throughout Michigan, communities of all sizes bring out rides for kids and adults, special food, entertainment and prime livestock.

Coming up in July, two fairs that BHT&D CPAs has close relationships with are the Ionia Free Fair and Barry County Fair.

Tags: Agriculture, Agribusiness, Community, County Fair

As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for strategic planning.

Business owners put off strategic planning for many reasons. New initiatives, for example, usually don’t begin to show tangible results for some time, which can prove frustrating. But perhaps the most significant hurdle is the view that strategic planning is a time-sucking luxury that takes one’s focus off of the challenges directly in front of you.

Tags: Small Business, Strategic Planning

If creating a start-up business were an easy thing to do, then a lot more people would be doing it. For those who make the decision to fulfill their dreams and go for it, success relies on being fully prepared. Some of the most common stressors encountered by entrepreneurs involve tax liabilities, whether business is booming or they’re struggling to keep their head above water. The best way to avoid these pitfalls is to learn about them ahead of time. Here’s what every entrepreneur needs to know:

Tags: Small Business Accounting, Selecting an Accounting Firm, Small Business, Business Entity

The State of Michigan requires annual reporting of ‘unclaimed property’. Unclaimed property is defined as any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specific period of time by the rightful owner. Any holder who fails to file a report of unclaimed property may be subject to fines and penalties as provided in the Uniform Unclaimed Property Act, Public Act 29 of 1995.

Companies and governmental agencies need to identify properties that may be reportable as unclaimed property as of March 31, 2018 and file an unclaimed property report by July 2, 2018.

Tags: Small Business Accounting, Bookkeeping, Small Business, Payroll

If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.

Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct deposit into one account, or asked the IRS to mail you a check, Where’s My Refund? will give you online access to your refund information 24 hours a day and 7 days a week.

Tags: Business Tax, Individual Tax, Tax Refund

If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date.

The IRS encourages taxpayers to pay the full amount of their tax liability on time, and it imposes significant penalties and interest on late payments. Thus, if you are unable to pay the taxes that you owe, it is generally in your best interest to make other arrangements to obtain the full funds to pay your taxes so that you are not subjected to the government’s penalties and interest. Here are a few options to consider.

Tags: Individual Tax Return, Business Tax, Individual Tax, Tax Liability

If you are an employee (i.e., a W-2 wage earner) with substantial work-related business expenses, the Act was not kind to you. It suspended (and effectively repealed), for 2018 through 2025, all miscellaneous itemized deductions, which were previously only subject to a floor of 2% of adjusted gross income (AGI). Employee business expenses are included in that category of miscellaneous itemized deductions. 

Tags: Itemizing Deductions, Small Business Accounting, Small Business, Individual Tax, TCJA

Congress passed the Budget Bill early in the night, and the President signed it on Friday, February 9th. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017 returns. Were you lucky enough to benefit?

Needless to say, these last-minute changes may create a problem for taxpayers who have already filed their returns and will need to file amended returns to take advantage of these extenders. The retroactive changes will cause the IRS some headaches as well. Since the 2017 forms do not accommodate some of the extended provisions, the IRS will have redesign and issue updated forms or provide workaround procedures.

Tags: Depreciation Deduction, Small Business, Individual Tax, Tax extenders