If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation.

Information technology (IT) is constantly evolving. As the owner of a small to midsize business, you’ve probably been told this so often that you’re tired of hearing it. Yet technology’s ceaseless march into the future continues and, apparently, many companies aren’t so sure they can keep up.

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, here’s what you need to know about the CTC for 2024, 2025 and beyond.

On November 9, 2023, Revenue Procedure 2023-34 was released and provided updated tax provisions for individual taxpayers to use on their 2024 tax returns, typically filed in 2025. This revenue procedure announced more than 60 provisions being updated for annual inflation adjustments.

Strong leadership is essential to running a successful business. However, as perhaps you’ve experienced, playing the role of a strong leader can force you to make tough decisions that expose you to legal claims. Business owners who are particularly worried about this type of risk can buy directors and officers (D&O) insurance to hedge against it. Although every small to midsize business may not need one of these policies, some should consider buying coverage.

Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications.

As part of five bipartisan bills recently signed by Governor Whitmer, Michigan Flow-Through Entity Tax Procedures have been improved. The act allows for expanded opportunity to elect into the tax and allows for all tax payments made for a given year to be reported as a credit to the taxpayer so long as the payments are made by the due date of the return, including extensions.

Every company presumably wants a workforce full of engaged employees. However, is it possible for workers to be too engaged?

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension).

As part of five bipartisan bills recently signed by Governor Whitmer, Michigan has introduced a new Research & Development (R&D) Credit. Michigan joins 36 other states with the implementation of this R&D tax credit. It will be available to businesses with the amount claimed varying depending on its number of employees. It is effective for tax years beginning on or after January 1, 2025.