Tax Preparation goes hand in hand with Schultz & Associates CPA Michigan. Our staff can help you with your individual income tax preparation needs.
Schultz & Associates, CPA a Plymouth Michigan Firm has been filing tax returns for over a decade. Our accountants can help you with your individual income tax preparation needs. We can help prepare your IRS Form 1040, as well as your Form MI-1040.
Schultz & Associates addresses your businesses: tax, accounting and compliance needs.
Whether it’s a mid-sized corporation, small business, or new business, partnership, corporation or S-corporation, our experienced accountants can handle all of your business accounting, payroll, bookkeeping and tax advisory needs. Schultz & Associates, CPA Plymouth Michigan.
Individual Income Tax Preparation and Accounting Services for Plymouth and Canton Michigan Areas
Schultz & Associates, CPA is a top ranked Plymouth Michigan CPA firm that was established in the City of Plymouth Michigan with the purpose of providing professional, individual tax filing, and accounting services for Plymouth and the surrounding communities of Canton, Livonia, Royal Oak, Dearborn, Waterford, Northville, Novi, Southfield, Farmington, Detroit, Westland, and Bellville. Jeffrey Schultz, CPA is the firm’s managing member. We are a trusted Michigan business adviser.
At Schultz & Associates, CPA our accountants provide traditional and non-traditional services including, filing income tax returns, business, estate and trust tax preparation, and financial statement preparation for small and mid size corporations. We excel in providing professional support that complements and assists clients in achieving their individual and business goals.
Schultz & Associates, CPA is also affiliated with Express Payroll Solutions, Inc. which provides outsourced payroll processing for Michigan small businesses.
Or experienced professionals have the talent and know-how to support you. Whether you need someone to prepare your taxes, help planning for a complex real estate transaction, IRS representation or provide comprehensive accounting services, we will be here for you.
Key Income Tax Topics
Our Accountants, CPA’s and EA’s have prepared thousands of income tax returns. Each IRS tax return is unique. Every income tax return has its own complications. Each federal and state of Michigan income tax returns deserve its own specific attention.
- With the advent of the Affordable Care Act there is additional planning that may be necessary. There are new taxes on investments. There is additional Medicare taxes for individuals with certain income levels.
- Dependents can be a complex tax issue. Parents with adult children need to pay special attention to the dependent rule. Parents must have and understanding of whether their child is considered a full time college student for tax purposes. Parents must be aware when their college student reaches age 24 and how that impacts them being a dependent on a tax return. Parents must also look at whether their adult child needs to be living with them to be a dependent. Parents also must know how much income their child has in order for them to be a dependent on their income tax return.
- Rental real estate tax can be complicated. It is a passive activity that generally is not subject to self employment tax. Losses from real estate activities cannot be off set against non-real estate passive income on a tax return. Rental real estate losses are not always deductible for income tax purposes. Material and Active participation must be determined for loss destructibility. Those who are deemed real estate professionals for tax purposes have separate rules for loss destructibility. Income thresholds can also limit the destructibility of a real estate loss for a non- real estate professional.
- All of our client tax returns are e-filed. e-filed returns results in a much quicker tax refund. If a taxpayer chooses to have the funds direct deposited the refund occurs even faster. I have seen refunds it client bank accounts in less than 14 day. Gone are the days of a “refund loan”. “Tax Refund Loans” were popular in the day when refunds could take 4 to 6 weeks. Those days are gone with the increased technology. Do not hesitate to e-file your income tax return.
Key Bookkeeping and Payroll Topics
Our CPA’s and accountants work with the general ledger, balance sheet, income statement and trial balances on a daily basis. Each set of books is different. Each client deserves an accountant that not only knows debits and credits but a accountant who understands the client’s industry.
- QuickBooks by Inuit is by far the most popular accounting and bookkeeping software for small business owners. Owners who actually do their own bookkeeping are really the best fit for QuickBooks. QuickBooks is easy to learn. Business owners with minimal accounting background can usually pick up on QuickBooks within a hour or two.
- Payroll processing with QuickBooks is available. However, it can be difficult to without instruction. It is not the software that complicates it. Payroll in itself is complex. Using the proper withholding’s, knowing when to pay the tax withholding’s, and preparing quarterly 941 and annual Form w-2′s can be complicated. Often businesses who choose to process their own payroll retain an accountant or bookkeeper to complete the quarterly filings. More businesses today are finding that the best option is to outsource their payroll altogether. Small business owners often feel that the price of hiring a payroll company is worth the cost.
- Reconciling your check book can be a nightmare. Business owners will find this even more true. With today’s banking technology a bank statement has gotten even more complex. Electronic debits, debit cards, credit card processing, can make figuring out your bank balance difficult. More often we see clients that do not even keep their own register anymore and strictly rely on the online banking site. This is not a good habit. Because of these complexities, individuals should consider using Quicken, and business owner must choose some sort of electric bookkeeping software.
- Payroll report due dates are as follows: Form 941 is due April 30th, July 31, October 31, and January 31. Form 940 (FUTA) is due January 31. Form W-2 must be distributed to employees by January 31. W-3 must be submitted to the IRS by February 28.
- Tax deposits for businesses are made using the EFTPS system. Businesses with employee are required to make certain timely tax deposits. Employers who’s liabilities over a 12 months period are less then $50,000 must remit their taxes on a monthly basis. They generally have 15 days after the end of the month to make the deposit. Employers with annual liabilities in excess of $50,000 must remit taxes on a semi-weekly basis.
Key Business Start Up Topics
- Business plans are key to a start up companies success. A entrepreneur must understand the true costs of doing business. Most business plan software should run under $100. Additionally if you are considering bank financing then a business plan will be necessary. Some banks require a two year projection of the proposed business. Many banks will want to see a five year projection.
- When starting up you will need to choose the state in which you want to organize your business. While Delaware is popular, most businesses choose to organize in the state which they plan to operate their business from. That being said, most Michigan businesses are organized in Michigan
- Selecting the type of entity is often a confusing exercise for new business owners. Business owners can choose a C Corporation, S Corporation, Limited Liability Company, partnership, limited partnership, Professional Limited Liability Company, sole proprietorship or joint venture. An CPA or attorney can help with this decision.
- Limited Liability Companies are very flexible for tax purposes. LLC’s also require much less documenting then a corporation. In most states a LLC needs to have an operating agreement. The State of Michigan does not require an operating agreement for a single owner LLC. For tax purposes LLC’s can choose how they want to be taxed. It is best to consult a CPA prior to this decision.
- New business owners typically will need to apply for a federal ID number. The IRS has an online system. A FIN can also be attained by filing Form SS-4. Most business start up’s choose to retain an accountant, CPA or an attorney for this request.
Facts About our Firm
- The Firm has been located at 496 W. Ann Arbor Trail since May of 2004.
- The Firm has now been located in four different suites inside the same building. Each internal move was the result of growth and the need for more space.
- The CPA Firm has serviced, individuals, businesses, non-profits, trusts and estates.
Schultz & Associates, CPA is Following:
- On Twitter
- Financial Accounting Standards Board @FAFNorwalk
- Livonia, Michigan @LivoniaMichigan
- Intuit QuickBooks @QuickBooks
- Canton Community @CantonMichigan
- Journal of Accountancy @AICPA_JofA
- MICPA @MichiganCPAs
Tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used for the purpose of (i) avoiding tax related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.