Author Archives: William A Olson, CPA

Have you received an IRS notice?




Here’s what to do. The full article from IRS.gov is copied below. What to do if You Get a Notice from the IRS IRS Summertime Tax Tip 2014-01, July 2, 2014 Each year the IRS mails millions of notices. Here’s … Continue reading






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Mid-year Tax Planning (re-post)




There are always things you can be doing throughout the year to lower your tax bill at year end. Full year tax projections are a great way to see how what you do now will make your life easier come … Continue reading






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2014 Standard Mileage Rates (IRS)




Here they are. 2014 Standard Mileage Rates IR-2013-95, Dec. 6, 2013 WASHINGTON — The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or … Continue reading






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Affordable Care Act (ACA) Tax Provisions




Need help understanding the Affordable Care Act’s tax provisions? Your local CPA is a good source for information, but so is the IRS itself. See here for a link to a helpful page on the IRS’s website. William A. Olson, … Continue reading






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Mid Year Financial Checkup from the USA Today




Some great tips for getting your financial house in order… see here or see below for the article text. This year is more than half gone. Amid your summer vacation and plans for fun in the sun, find time now for … Continue reading






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What’s NOT Deductible




I often get asked, “What expenses are deductible?” However, I have never had someone ask what is not deductible. Here is an article from Forbes with some “bad” ideas of tax deductible items… if you do not want to click over, … Continue reading






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Mid year 2014 Tax Planning




It is almost June 30th which means we are about half way through 2014. It is not too late or too early to do some tax planning to manage your tax liability. Common strategies/suggestions for lowering your tax liability include: … Continue reading






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It’s never too early to do tax planning




There are always things you can be doing throughout the year to lower your tax bill at year end. Full year tax projections are a great way to see how what you do now will make your life easier come … Continue reading






Posted in 1040 Personal Income Taxes, Michigan Taxes, Personal Finance | Comments Off on It’s never too early to do tax planning

On-line (Cloud) Computing for Small Business




More and more office applications are moving to cloud from spreadsheets and word processing programs to accounting systems. Some are even free of charge (Google Sheets and Wave Accounting) but others are available for a subscription fee. For the small … Continue reading






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Your year-end tax to do list: what you do before the Dec. 31 deadline can save you big bucks at tax time




More year end tax planning ideas here.






Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Michigan Taxes, Personal Finance | Comments Off on Your year-end tax to do list: what you do before the Dec. 31 deadline can save you big bucks at tax time