Sikon Tax Services

01/27/2025

Today is the official launch day for tax season 2025, with the IRS officially accepting electronic filing of 2024 tax returns. To our current clients, if you have been wondering, our letter and checklist went out in the mail to our clients last week. Sorry so late this year, proof positive that tax professionals are people too!

01/26/2024

Hello everyone! We are polishing up our cubicles here at Sikon Tax in preparation for tax season 2024! The IRS will begin accepting electronically filed returns on Monday, January 29th. If you are a client at Sikon Tax, you should have received your 2023 individual income tax checklist in the mail last week. Additional income tax checklists for self employed individuals, rental properties and itemized deductions can be found on our website, Sikontax.com. As always, we appreciate your business and look forward to giving you our best!

02/07/2023

If you haven't already heard, Governor Whitmer disclosed the amount of the proposed inflation relief checks that would be sent to each Michigan taxpayer, should her plan pass into legislation. Each person filing a Michigan tax return would receive a one time payment of 180.00, married couples filing jointly would receive one payment of 180.00. This brings to mind what my dad used to say, sarcastically, when he would hand me a dollar “Don’t spend it all in one place”. The proposal also includes a plan to repeal the income tax on retirement income and an increase to the existing credit for working lower income families. Lawmakers are scheduled to resume the legislation process today, it is unclear how long it will take for lawmakers to finalize the vote regarding this plan.

02/04/2023

Michigan "stimulus" payments may be on the way in 2023... Michigan legislators have formulated a plan to deliver “inflation relief” checks to every taxpayer in the state of Michigan. At this point it is unclear how much the proposed payout would be, with more details set to emerge early next week. The “Lowering MI Costs” plan would also include tax breaks for retirees and increased credits for low income taxpayers on their 2023 Michigan tax returns. Alternatively, a bill has been introduced that would allow for an overall reduced Michigan income tax rate for tax year 2023 and beyond. The Michigan House and Senate will be working to resolve their differences next week and will hopefully finalize a plan to provide some form of tax relief to Michigan residents. We will post an update on this issue as soon as further details are made available.

01/27/2023

Hello from Sikon Tax Services!…Tax season 2023 officially launched on Monday January 23rd, with the IRS opening electronic filing for 2022 tax returns. If you are a Sikon Tax client, your annual checklist, letter and coupon went out in the mail to you last week. For those of you that claim dependent children, please take a moment to read our blog regarding the decreased child tax credit and how you may be affected by this. You will find this and other info about the key tax law changes for 2022 on our website at Sikontax.com. We look forward to serving you in the near future, and as always, feel free to contact us with any questions or concerns you may have. You may reach out to us via phone at 586-329-4601 or email us at [email protected].

01/10/2022

Hello everyone, it's that time of year again! You can find the updated personal income tax checklist for the 2022 tax season using the following link, https://www.sikontax.com/income-tax-checklists-1. Below are some of the highlights for the upcoming season, I will be posting updated information as it becomes available here and on my web site, @ Sikontax.com. If you have any questions regarding this information, or any other tax matters, feel free to email [email protected] with your inquiry.

The IRS is expected to begin accepting 2021 tax returns sometime between January 24th and January 31st, however, a delayed start date for the 2022 tax season is a possibility. The IRS has been backlogged for the past year due to a combination of short staffing and an increased workload. Updates will...

08/10/2021

If you are still waiting on the IRS for your 2020 refund, or for a refund of the taxes paid on the excludable amount of your unemployment benefits, you are not alone! Many 2020 returns have been stuck in processing for months now. If you claimed the Recovery Rebate Credit on your 2020 return this may be the culprit that is holding up your refund. The credit was implemented for people who did not receive all or part of the first and second stimulus payments that they were eligible for when these payments were originally issued. Also, many people are waiting on the IRS to correct returns and issue refunds for the taxes paid on unemployment benefits prior to the enactment of the 10,200 unemployment exclusion. I have spoken with a few IRS agents over the past couple months, all of whom have told me that the IRS is behind schedule and a bit overwhelmed, and none of them could give me an estimated time frame for these issues to be resolved. If you are owed money from the State of Michigan for the taxes paid on unemployment, you may want to submit an amended return to claim your refund, which will typically arrive by mail in 4 to 6 weeks.

07/01/2021

The IRS will be issuing monthly advanced Child Tax Credit payments beginning July 15th through December 2021. Payments will be up to 300 monthly for each qualifying child ages 5 and under, and 250 for each dependent ages 6-17. The total of these payments will generally equal half of the Child Tax Credit amount you are eligible to claim on your 2021 tax return (3,600 for 5 and under, 3,000 for ages 6-17). The advanced payments will not be taxable, however, your Child Tax Credit will be reduced when you file your 2021 tax return by the amount of advanced payments you received. You can opt out of advanced payments using the following link, https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021 More detailed information, FAQ’s, and how to calculate the amount you may be eligible for can be found using this link: https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-a-general-information If you have any questions/concerns feel free to email us at [email protected].

Frequently asked questions about the Advance Child Tax Credit Payments in 2021 — Topic A: General Information

06/14/2021

If you collected unemployment in 2020, Michigan may owe you money! The unemployment exclusion law was passed in March of 2021, after many people had already filed their 2020 tax returns. If this applies to you, the IRS will automatically correct your return and issue your refund, however, the Michigan Department of Treasury recommends that you file an amended return to claim a refund of the taxes you paid on the unemployment. By submitting an amended return, single filers may receive over 400 additional dollars from the state, while married filers may be entitled to more than $800.00. If you need help filing your amended return, Sikon Tax Services has you covered! For a reasonable fee, we will prepare your state amendment and submit it electronically for faster processing. Better yet, we will review your federal return for free to see if the IRS may owe you any additional money. Contact Sikon Tax Services at 586-329-4601 to leave a message for a call back, or email [email protected] for more information.

05/20/2021

Don't wait for the state! Let us file your Michigan amended return for 2020. If you filed before the unemployment exclusion tax law was passed, Michigan may owe you some money! The state spokesperson for the treasury has given the green light to file your amended Michigan returns to claim your refund of taxes paid on your unemployment. While the federal will automatically issue refunds for taxes paid on unemployment, you may be entitled to additional credits that would require you to submit a federal amendment. Bring in a copy of your 2020 returns to have your Michigan amended prepared and for a complimentary federal return review. Contact us at [email protected] for more information