Category Archives: 1120 C Corporation Income Taxes

Tax Reform Bill Signed in Michigan

Posted on May 25, 2011 by William A Olson, CPA

Governor Snyder signed a bill today that transforms Michigan’s tax code. See the article from the

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Small Business Tools

Posted on May 18, 2011 by William A Olson, CPA

Accounting Today talks about some small business tools available from the IRS that may be helpful: IRS Showcases Small Business Tools

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Tax Reform Passes both Chambers of Congress in Michigan

Posted on May 16, 2011 by William A Olson, CPA

The State Senate and House of Representatives passed sweeping tax reform that Governor Snyder is highly likely to sign into law. The biggest changes are the elimination of the Michigan Business Tax which is being replaced by a 6% Corporate … Continue reading →

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The Importance of Good Record Keeping

Posted on May 11, 2011 by William A Olson, CPA

Everyone in business must keep records, especially those that will come in handy when it’s time to think about taxes on the business. Continue reading →

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How long should you keep your tax records

Posted on April 22, 2011 by William A Olson, CPA

Personally, I recommend keeping your tax records and tax returns forever… if you don’t have that much storage space, this article from the USA Today provides a good guide on what to keep and when to throw it away. Tax … Continue reading →

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Tax Myths

Posted on April 11, 2011 by William A Olson, CPA

Here’s a great article on some very widespread tax myths… one of my favorites is that claiming the home office deduction will lead to an audit. Read on to find more… Tax myths can lead to costly mistakes from the … Continue reading →

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Senate Passes 1099 Repeal

Posted on April 6, 2011 by William A Olson, CPA

A big relief for small businesses… and Obama is sure to sign this. Senate Passes 1099 Repeal from CFO.com

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Business Use of Automobile Rules

Posted on March 22, 2011 by William A Olson, CPA

What can you deduct for the business use of your automobile?  See the IRS link below… this is one of the most asked tax questions and often the least understood by the average business owner: http://www.irs.gov/taxtopics/tc510.html

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Like Kind Exchanges

Posted on March 12, 2011 by William A Olson, CPA

I have prepared a few tax returns this year (2010) where the owners of a partnership have taken advantage of the like kind exchange rules to defer recognizing a gain on the sale of real property.  This kind of transaction … Continue reading →

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S Corporation vs. LLC

Posted on February 18, 2011 by William A Olson, CPA

Here’s a great article that explains the difference between S corporations and LLCs.  Please contact my office if you have any questions related to this topic. http://www.powerhomebiz.com/vol136/structure.htm IRS CIRCULAR 230 DISCLOSURE REQUIREMENT:  IRS Circular 230 requires us to notify you … Continue reading →

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