Tax Trap: Don’t Overlook Occupancy in Property Assessments
Assessors too often value newly constructed apartments as fully occupied, producing excessive tax assessments.
Eliminating Security Deposits Increases Renter Leads for Detroit-Area Owner–Operator
ROCO Real Estate has seen a jump of 10 to 20 leads per property per week since its program roll-out.
When Affordable Housing Clicks with Technology
Massachusetts Housing Partnership’s Susan Connelly, MPZ Development’s Mathieu Zahler and coUrbanize’s Karin Brandt discuss the ways online outreach tools can spur civic engagement and address community issues.
Be vigilant about your business credit score
Most people know they’ll face financial difficulties with a subpar personal credit score. Your business credit score is important for the same reason. Various reporting agencies use proprietary algorithms along with other data associated with your employer identification number to calculate this score. Important factors include your bill-payment history, annual revenues and entity choice. Be sure to build a strong credit history and monitor your score for inaccuracies. Contact us for help in using credit to maintain your cash flow and build the bottom line.
Still working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required minimum distributions (RMDs) no later than April 1 of the year after which you turn age 70½. The penalty for withdrawing less than the RMD is 50% of the portion that should have been withdrawn but wasn’t. However, there’s an exception that may apply to certain people if they’re still working for the entire year in which they turn 70½. The RMD rules are complex. Contact us to customize a plan based on your individual retirement and estate planning goals.
2019 Q2 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax deadlines for businesses during Q2 of 2019. APR. 1: File with the IRS if you’re an employer that will electronically file 2018 Forms 1097, 1098, certain Forms 1099 and/or Form W-2G. APR. 15: If you’re a calendar-year corporation, file a 2018 income tax return (Form 1120) or file for a six-month extension (Form 7004) and pay any tax due. APR. 30: Employers report income tax withholding and FICA taxes for Q1 2019 (Form 941) and pay any tax due. Contact us to learn more about filing requirements and ensure you meet all applicable deadlines.
FAQs about Michigan’s new Paid Medical Leave Act
Employers of 50 or more employees, but not including the U.S. government, another state, or an agency of another state. A covered employer must provide paid medical leave to all of its eligible employees in the State of Michigan.
An implementation plan is key to making strategic goals a reality
Strategic planning comprises two primary tasks: establishing goals and achieving them. The key to that all-important second task is establishing an implementation plan. First, appoint a leader to communicate and champion your objectives. Next, establish teams of employees to complete goal-related projects. Ensure each team’s members represent a cross-section of your company’s departments. Also, regularly monitor the implementation plan’s financial feasibility, considering your company’s budget, revenue projections, and economic forecasts. Contact us for help.
Stretch your college student’s spending money with the dependent tax credit
If you’re the parent of a child age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a $500 dependent tax credit that may be available to you. That can provide some extra spending money! To qualify, you and your child must pass certain tests. These include: The child lives with you for over half the year; the child is over age 16 and up to age 23 if he or she is a student; and you provide over half of the child’s support for the year. Contact us for more details.
Could your business benefit from the tax credit for family and medical leave?
The Tax Cuts and Jobs Act created a federal tax credit for employers that provide qualified paid family and medical leave to employees. However, it’s subject to numerous rules and is only available for the 2018 and 2019 tax years. An eligible employer can claim a credit equal to 12.5% of wages paid to qualifying employees who are on family and medical leave, if the leave payments are at least 50% of the normal wages paid to them. For each 1% increase over 50%, the credit rate increases by 0.25%, up to a maximum credit rate of 25%. Contact us for more information.