AHP Articles - Andrews Hooper Pavlik PLC

Created: Wednesday, March 2, 2022

5 Ways to Control Your Business Insurance Costs

Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need.

Created: Tuesday, March 1, 2022

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features that are especially favorable to small businesses:

Created: Wednesday, February 23, 2022

Should your business address retirement plan leakage?

Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well.

Created: Tuesday, February 22, 2022

Are you ready for the 2021 gift tax return deadline?

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway.

Created: Tuesday, February 15, 2022

Married couples filing separate tax returns: Why would they do it?

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.

Created: Friday, February 11, 2022

Economic Impact Payment – Letter 6475

This past week, the IRS began mailing letters to recipients of the economic impact payment. If you received this letter, DO NOT THROW IT AWAY. Please retain it and provide it to us with your other tax documents. This document is necessary for calculating the recovery rebate credit on your 2021 tax return.

Created: Tuesday, February 8, 2022

Did you give to charity in 2021? Andrews Hooper Pavlik PLC wants to make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends.

Created: Friday, February 4, 2022

Advance Child Tax Credit Payments – Letter 6419

This past week, the IRS began mailing letters to recipients of advance child tax credit payments. If you received this letter, DO NOT THROW IT AWAY. Please retain it and provide it to Andrews Hooper Pavlik with your other tax documents. This document is necessary for calculating the remaining child tax credit available on your 2021 tax return.

Created: Tuesday, February 1, 2022

Keeping meticulous records is the key to tax deductions and painless IRS audits

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.

Created: Wednesday, January 26, 2022

ANDREWS HOOPER PAVLIK PLC ANNOUNCES MERGER WITH MIDLAND FIRM, MCMAHAN, THOMSON & ASSOCIATES, P.C.

Andrews Hooper Pavlik PLC (AHP) is pleased to announce the merger of McMahan, Thomson & Associates, P.C. (MTA) with AHP effective January 1, 2022. McMahan, Thomson & Associates, P.C., is a certified public accounting firm in Midland, Michigan. The addition of the MTA partners and staff increases the AHP offices in nine cities throughout the state of Michigan to include over 170 team members.