Author Archives: William A Olson, CPA

We are over the “Fiscal Cliff”… even with the Senate Deal

Posted on January 1, 2013 by William A Olson, CPA

The House of Representatives has yet to vote on the deal reached in the Senate and the bill will then need to be signed by the President. Here’s a summary of the deal as it stands… Fiscal Cliff Deal Highlights … Continue reading →

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Year End Checklist for businesses

Posted on December 27, 2012 by William A Olson, CPA

Closing Your Books As you are cleaning up your accounting records for year-end, here are some steps you can take now to make tax-time easier: Verify that you have W-9 forms for each of your independent contractors or at least … Continue reading →

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Accounting, IRS, Michigan Taxes, QuickBooks, Small Business, Tax filing due dates | Comments Off on Year End Checklist for businesses

Merry Christmas and happy holidays!

Posted on December 25, 2012 by William A Olson, CPA

I’ll see you in the New Year on the other side of the “fiscal cliff”.

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Another Fiscal Cliff Calculator from the Tax Policy Center

Posted on December 14, 2012 by William A Olson, CPA

The calculator is a tool to help you understand how current tax policy affects real families and what would happen if we changed that policy. With this version, you can compare four alternative tax policies to see how different taxpayers … Continue reading →

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Fiscal Cliff 101

Posted on December 11, 2012 by William A Olson, CPA

Here’s a great article on what the Fiscal Cliff is from the Washington Post. The term “fiscal cliff” is Washington shorthand for a series of automatic spending cuts and tax increases set to take effect in January. If enacted, they … Continue reading →

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New Taxes in the Affordable Care Act (“Obama Care”)

Posted on December 10, 2012 by William A Olson, CPA

Here are some of the new taxes you’re going to have to pay to pay for Obamacare: A 3.8% surtax on “investment income” when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is “investment income?” Dividends, … Continue reading →

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What will the “Fiscal Cliff” cost you?

Posted on December 5, 2012 by William A Olson, CPA

This article from Bloomberg provides links to various tools you can use to calculate what the “fiscal cliff” will mean to you in terms of a tax increase… assuming Congress takes no action, that is.

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The “Fiscal Cliff”… what is it?

Posted on November 28, 2012 by William A Olson, CPA

What is the fiscal cliff? A combination of tax increases and spending cuts automatically scheduled to take effect January 1, 2013 unless Congress and the President take action. Automatic spending cuts Since Congress failed last year to reach a bipartisan debt-reduction … Continue reading →

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, IRS, Personal Finance | Comments Off on The “Fiscal Cliff”… what is it?

Post-Election Tax Policy: A briefing from CCH

Posted on November 15, 2012 by William A Olson, CPA

This is a great briefing on what we can expect post-election when it comes to tax policy. An excerpt… President Obama secured a second term in office November 6, 2012, in the end winning the Electoral College by a wide margin. The President’sre-election … Continue reading →

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Personal Opinion: What will happen to taxes in 2013?

Posted on November 8, 2012 by William A Olson, CPA

With the election over, the two parties can now (hopefully) focus on tax reform. CORPORATE TAX REFORM: Both parties agree that lowering the overall corporate tax rate while eliminating deductions and “loopholes” is a good idea… so I imagine that this … Continue reading →

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