Eden Bookkeeping Services

12/03/2024

The end of the 2024 is quickly approaching. Here is a handy tool so you can be sure you've paid in enough taxes and don't incur a penalty.

Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.

04/11/2024

It has been reported on the news that fraudsters are selling properties that don't belong to them, as in you could come home one day and there are people moved into your home because they bought your home without your knowledge. If you go to https://www.propertyfraudalert.com/select you can sign up for an alert from your local register of deeds so that if someone tries to register the sale of your property, you are alerted. Not all counties/states are available. It's a free service though and I recommend it.

11/21/2023

The IRS has new rules this year regarding filing the 1099 form, if you have 10 or more forms, you must file electronically. If this applies to you, it would be a good idea to take a look at it now as you have to have an account with the IRS to do this, and it's best to start getting that in place, sometimes it takes awhile for verifications, this one takes 45 days.

Here is the info link:

E-file Forms 1099-MISC, 1099-NEC, 1099-INT and more for free with the Information Returns Intake System (IRIS). Individual and bulk forms. Manage payer information.

11/21/2023

It's that time of year again, time to order your end of the year free IRS forms! Here's the link:

Order information returns and employer returns online.

06/26/2023

Here is some new information on the 1099-K, for those that receive it.

Form 1099-K reports payments from payment apps or online marketplaces when the gross payment amount is more than $600 and from credit, debit or stored-value cards. Use it to help figure and report your correct income on your tax return.

04/17/2023

Just released from the State of Michigan:

Tax Rate Change: Income Tax

Per MCL 206.51, the Michigan income tax rate may be lowered each tax year if certain economic conditions were met in the last fiscal year (October 1st – September 31st). Based on recently finalized financial data from fiscal year ending September 30, 2022, the 2023 Michigan income tax rate decreased to 4.05%.

Businesses, persons, and fiduciaries may have questions about how this change impacts tax obligations and resources for the 2023 tax year (January 1, 2023 through December 31, 2023).

2023 individual income tax forms will be released with the lowered income tax rate.

2023 withholding tables will not be updated to reflect the reduced income tax rate.

Treasury takes a neutral position on adjusting withholding amounts. If 2023 withholding amounts are not modified, your employees or retirees will receive the adjustment (a larger refund or less tax owed) when filing their Michigan income tax return in 2024.

This is not a permanent change to Michigan's income tax rate; it is expected to return to 4.25% on January 1, 2024.

03/26/2023

03/21/2023

For those waiting for tax refund from the IRS, you can visit the IRS online tool, Where's My Refund? Here's a link -

Get information about tax refunds and track the status of your e-file or paper tax return.

01/02/2023

Michigan minimum wages raises for 2023:

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10/29/2022

Here's the handy link to order your free IRS forms, such as the 1099-NEC, and the 1099-MISC.

https://www.irs.gov/businesses/online-ordering-for-information-returns-and-employer-returns?fbclid=IwAR1yZom2NPb03AO72dsx7J3EU9RAPXW4RSabXqhc0Am6A0ThYvu9ZYmHGlA

Order information returns and employer returns online.

09/28/2022

Useful information if you receive a letter from the IRS:

Tax Tip 2022-141, September 14, 2022 — When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from the IRS is not a cause for panic but, it shou...