If you have an IRS or State of Michigan tax issue that you would like to discuss give my office a call at
Michael Franskoviak, CPA President
Deadlines, Deadlines, Deadlines!
Deadlines, Deadlines, Deadlines!
If you’re like many Americans you probably filed an extension to file your tax return this year. Well, that time is coming upon us quickly. The following is a list of the upcoming filing deadlines for those individuals and entities that filed an extension for the 2018 tax year.
September 16, 2019:
This is the deadline to file this year for Partnerships, Form 1065 filers, and those entities classified as Small Business Corporations (S-Corps), Form 1120S filers. Typically the extension period expires on September 15th, but with the fifteenth falling on a Sunday this year filers have until Monday the 16th of September.
October 15, 2019:
The deadline to file extended returns for Individuals, Form 1040 filers, Corporations, Form 1120 filers, and Trusts and Estates, Form 1041 filers, falls on Tuesday, October 15th, 2019.
Always keep in mind that an extension to file tax returns is not an extension to pay. For those having balances due on Forms 1040, 1120, or 1041 the balance due is always due on the original due date of the returns, not the extension date.
Does your paycheck need a checkup?
There has been much discussion of the withholding tables for those taxpayers who are W2 wage earners since the Tax Cuts and Jobs Act went into effect in January of 2018. No, we didn’t all get raises in January of 2018, but you might have noticed your take home pay increased noticeably. This is because with the new tax law came new withholding tables of what employers were required to withhold in Federal Income Tax from employee paychecks. While many people noticed this increase in January of 2018, some didn’t fully realize the impact until their tax refund was less than in prior years due to this change.
The IRS recommends a “Paycheck Checkup” at least annually to help inform taxpayers of what their anticipated yearly tax refund will be and, more importantly, to ensure taxpayers are properly withheld and aren’t going to get that unpleasant surprise of having a balance due come next April 15th.
The IRS offers this free on their website at https://www.irs.gov/paycheck-checkup and it’s not too late to make adjustments for 2019. All you need is your last year’s tax return and current paystub to get the calculation. This is typically adequate for W2 wage-earners.
However, if you own a business, have investments, or have rental properties, we recommend you contact us to schedule a “mid-year checkup”.
We here at Franskoviak Tax Solutions can provide this service for you to ensure you’re not subjected to any unpleasant surprises next April. Contact us today at (248) 524-5240 for an appointment to provide that peace of mind as year-end approaches.
Keep an eye out for exciting things happening soon!!
In September Franskoviak Tax Solutions will be hosting our First Annual Client Appreciation Golf Outing. The date will be announced soon on our social media and we will send an email with details about the event.
Caprice is due any time !! So Exciting!!
John took his family to San Diego to celebrate his in-laws 50th Anniversary!!
Something to be proud of for sure. Congratulations to them!!
This summer Jennifer took an extraordinary vacation to Canada. She experienced everything from a ballgame, to a baby, and even a bear.
- A penny costs 2.4 cents to manufacture.
Yes, it costs more than two pennies to make one penny, all so that you can get exact change on a $1.99 candy bar.
- 5% of the people who buy lottery tickets account for 51% of all tickets sold.
- There is more Monopoly money printed every year than actual cash.
The popular board game prints up to $50 billion of its currency each year. By comparison, the Bureau of Engraving and Printing only produced $1.3 billion.
- Only 8% of the world’s currency is in physical money.We live in a digital world, so it’s no surprise that only 8% of all the “money” around the world is physical cash. But no need to rush the bank. The digital dollars in your checking and savings account are as real as the cash in your pocket.
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State of Michigan Offer in Compromise
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Settled: $1,000 (a settlement of 3.7%!)