Common Tax Deductions and Credits
Planning ahead and understanding your tax situation can prevent you from paying taxes you do not owe and help you take advantage ...
- Dec 20, 2021
- 3 min
Nifty NFTs and Taxes
NFT stands for Non-Fungible (sounds like fun-juh-buhl) Token. NFTs are digital files that contain certificates of ownership and authenticity
- Nov 16, 2021
- 2 min
Build Back Better Act
The Build Back Better Act is expected to pass through the House this week, following the passage of the recent Infrastructure Bill.
- Oct 15, 2021
- 2 min
The Consolidated Appropriations Act of 2021
With the 2021 tax season quickly approaching, much of the national focus has been on the current administration’s proposed changes for...
- Aug 30, 2021
- 2 min
Advanced Child Tax Credit Payments Update
While receiving the monthly payments for the advance Child Tax Credit may seem like a helping hand, for some families, it might make the...
- Aug 30, 2021
- 2 min
Student Loan Interest Deduction
In August, the U.S. Department of Education announced that there will be a final extension of the pause on student loan repayment until...
- Jun 23, 2021
- 3 min
IRS rolls out two new online tools to help families manage Child Tax Credit Payments
The IRS launched two new online tools designed to help families manage and monitor their Child Tax Credit Payments. These two new tools are
- Jun 1, 2021
- 2 min
Employee Retention Credit
The American Rescue Plan Act of 2021 (ARPA) was passed in March which modified and extended the Employee Retention Credit (ERC) from June...
- Apr 27, 2021
- 3 min
Child Tax Credit for 2021
There have been significant enhancements made to the child tax credit (CTC) by the American Rescue Plan Act of 2021 (ARPA).
- Feb 25, 2021
- 2 min
Recovery Rebate Credit
Didn’t receive the Economic Impact Payments or received payments less than the full amount? You could qualify for the Recovery Rebate Credit
- Dec 28, 2020
- 2 min
Tax Changes under Biden on the Horizon? A few things to consider as the calendar turns to 2021
If new tax law is passed, it is a real possibility that these changes could be made retroactive to January 1, 2021.
- Dec 22, 2020
- 2 min
PPP Loan Expense Deductibility
On Monday December 21, 2020, the House of Representatives and Senate approved the COVID-Related Tax Relief Act of 2020 (COVIDTRA). This act
- Nov 19, 2020
- 2 min
New Rules for 2020 RMDs
There are two recently enacted laws which effect required minimum distributions (RMDs) from traditional IRAs, 401(k)s, and ...
- Oct 21, 2020
- 2 min
Are you wondering why you received interest on your 2019 Federal income tax refund?
Close to 14 million individual taxpayers who filed their 2019 Federal income tax returns on time and received a refund will or...
- Aug 12, 2020
- 2 min
Is Your Online Business Overpaying Michigan Sales Tax?
Possibly due to the Marketplace Facilitators Tax Law. Third-party sellers on websites such as Amazon, Etsy, Walmart, UberEATS, Shopify, etc.
- Jul 21, 2020
- 2 min
Michigan Small Business Restart Program
Small businesses and nonprofits may apply for grants of up to $20,000, and awardees will be announced no later than September 30th.
- May 13, 2020
- 2 min
Tax Advantages of Hiring your Children
As a business owner, hiring your children has always been a great tax planning strategy. However, with the passing of the Tax Cuts and Jobs
- Mar 20, 2020
- 2 min
COVID-19 Resources
Beginning Monday, March 23rd, we have established the following BKC office guidelines until further notice:
- Jan 3, 2020
- 1 min
MI Obligation Assessment For Unemployment
New for 2020, employers will no longer have the obligation assessment portion with the tax rates.
- Dec 18, 2019
- 4 min
Tax Gain Harvesting
Would you like to pay 0% federal income tax on your income and utilize one of the “loopholes” you hear about in the lengthy tax