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Rhode & Van Fleteren

Certified Public Accountants

10004 E. Lippincott Blvd., Suite A

Davison, MI 48423

(810) 653-1930 ♦ Fax: (810) 652-1933

 

Happy New Year!!   

 

We had a big change this year, Steve Van Fleteren retired on 6/30/22.  For those who would email documents to Steve please avoid using his email because it will delay the completion of your return. 

 

All of us are going through a transition and we are asking that you please be patient.  Many of the meetings and phone calls will now fall to me.  This will take up significant amounts of my time.  In an effort to help, I have added new staff and increased the hours of our seasonal help. We currently have four CPAs and four accountants, all who have experience working on tax returns.  For this reason, I have assigned responsibility for various clients to my staff to help provide you the excellent service you are used to receiving.          

 

It is still necessary to limit the amount of tax meetings since there are only so many hours in a day.  For returns that don’t have a meeting, our procedure will be to have a team member contact you directly, to obtain final pieces of information, provide tax results, and answer any other questions.  If you need a meeting, please contact the front desk.      

 

What can you do to help us with our process? Get your stuff in early!!  Often waiting to give us your documents because you are missing one piece or you get busy can delay the completion of the return.  The earlier we can review your documents the sooner we can determine what else we need.  Next gather all important tax documents mailed to your home and review tax documents that you receive online so you can login to get them printed.  It is usually a broker statement or a K-1 that comes later don’t wait on these things.  Any return we receive after April 1, 2023 will have to be put on extension. The 2022 tax season procedures and tax information form are attached. 

          

We strive to continue to provide excellent and efficient service.  This information will also be available on our website and our Facebook page. Please contact us if you have any questions regarding our procedures.  We are happy to help and look forward to serving you. 

 

Sincerely,

ANGELA RHODE, CPA          

         

                                      

2022 Tax Season Procedures

 

  1. Client organizers were printed the first week of January 2023 and we used the prior year list of taxpayers who requested them.  If you would like to be added to the list, please call us at 810-653-1930.

 

  1. Please fill out the enclosed form and return it with your tax documents. 

 

  1. Options to deliver your documents to us:
    1. Mail - It is best to make copies and send certified mail.

 

  1. Deliver to our office and deposit them in our secure drop box located to the right of the suite door.  Please enclose everything in a sealed envelope.

 

  1. Send them through our secure, electronic Portal. Please contact our office and we will assist you with setting up an account.

 

  1. Email your documents to cathy@davisoncpas.com .  Avoid this method with confidential information because this method is not secure.    

 

  1. When your return is complete, we will arrange to review it with you either by phone, zoom meeting or facetime appointment. 

 

  1. Options to receive your tax returns:  
    1. Pick up at our office. 
    2. Mail – Returns will be sent USPS certified mail for tracking purposes.  There is a $10 fee for this method.        
    3. Portal – 24-hour access to your returns once an account is created.

 

  1. IMPORTANT: Form 8879 will be included with your finalized tax return.  It must be signed and returned in order for us to file your tax returns with the IRS and state.  You can return this form to our office by dropping it off, mailing it, or fax to 810-652-1933.  If you decide to email to cathy@davisoncpas.com, please make sure to block out social security numbers.   

 

 

 

2022 Tax information and questions

 

Name__________________________   Contact Phone: ____________

Address___________________________________________________

Email_____________________________________________________

Preferred way to receive completed return:   Mail ____   Pickup _______ Portal____

Method for meeting or communication: Phone call____ Email____ Zoom____ Facetime____

Best time for meeting:  AM____ or PM____   Preference on Day __________

Do you want a Portal:  Yes_____    No _____ Have One _______

Confirm your bank account for refunds:  Same as LY     New (provide a copy of check)
 

Questions you have and want answered:

  1. ________________________________________________________________________________________________________________________________________________________________________________________________________________________
  2. ________________________________________________________________________________________________________________________________________________________________________________________________________________________
  3. ________________________________________________________________________________________________________________________________________________________________________________________________________________________
  4. ________________________________________________________________________________________________________________________________________________________________________________________________________________________

 

 

Virtual Currency: At any time during 2022, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? Yes ____ No ___

Signature__________________________________________________________

 

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Tax Tips for Finance

Search Tax Tips:
  • Tax Saving Techniques

    Following are some generally recognized financial planning tools that may help you reduce your tax bill.

    Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.

    Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses. Unlike flexible spending arrangements (FSAs), the contributions can carry over for medical expenses in future years.

    Roth IRAs - Contributions to a Roth IRA are not tax deductible but qualified distributions, including earnings, are tax-free.

    Municipal Bonds - Interest earned on these types of investments is tax-exempt.

    Retirement Plans - Participate in your employer sponsored retirement plan, especially if there is a matching component. Contributions are generally pre-tax and the tax-deferred compounding can add up to a large retirement savings.

    Some generally recognized financial planning tools that may help you reduce your tax bill.
  • Deducting Mortgage Interest

    If you own a home, and you itemize your deductions on Schedule A, you can claim a deduction for the interest paid. To be deductible, the interest you pay must be on a loan secured by your main home or a second home (including a second home that is also rented out for part of the year, so long as the personal use requirement is met). The loan can be a first or second mortgage, or a home improvement loan. To be deductible, the loan must be secured by your home and the proceeds must be used to buy, build, or substantially improve your home.

    The interest deduction for home acquisition debt (that is, a loan taken out after December 15, 2017, to buy, build, or substantially improve a qualified home) is limited to debt of $750,000 ($375,000 if married filing separately). For home acquisition indebtedness incurred prior to December 16, 2017, the debt limit is $1 million ($500,000 if married filing separately).

    In addition to the deduction for mortgage interest, points paid on the original purchase of your residence are also generally deductible. For more information about the mortgage interest deduction, see IRS Publication 936.

    If you own a home, you can claim a deduction for the interest paid. To be deductible, the interest you pay must be on a loan secured by your main home or a second home. The loan can be a first or second mortgage, a home improvement loan, or a home equity loan.
  • Capital Gains and Losses

    Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. The IRS says when you sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss.

    While you must report all capital gains, you may deduct only your capital losses on investment property, not personal property. A “paper loss” — a drop in an investment's value below its purchase price — does not qualify for the deduction. The loss must be realized through the capital asset's sale or exchange.

    Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term. For more information on the tax rates, refer to IRS Publication 544, Sales and Other Dispositions of Assets. If your capital losses exceed your capital gains, the excess is subtracted from other income on your tax return, up to an annual limit of $3,000 ($1,500 if you are married filing separately). Unused capital losses can be carried over indefinitely to future years to net against capital gains, but the annual limit still applies.

    Accounting and planning for the sale and purchase of capital assets is usually a very complicated matter, so please contact us so that you may receive the professional advice you deserve.

    Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. The IRS says when you sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss.
  • Coverdell Education Savings Accounts (ESAs)

    A Coverdell ESA is a savings account created as an incentive to help parents and students save for education expenses.

    The total contributions for the beneficiary (who is under age 18 or is a special needs beneficiary) of this account in any year cannot be more than $2,000, no matter how many accounts have been established. The beneficiary will not owe tax on the distributions if, for a year, the distributions from an account are not more than a beneficiary's qualified education expenses at an eligible education institution. This benefit applies to higher education expenses as well as to elementary and secondary education expenses.

    Generally, any individual (including the beneficiary) can contribute to a Coverdell ESA if the individual's income is less than an annual maximum.

    A Coverdell ESA is a savings account created as an incentive to help parents and students save for education expenses.
  • Individual Retirement Accounts (IRAs)

    You may be able to take a tax deduction for contributions to a traditional IRA, depending on whether you or your spouse, if filing jointly, are covered by an employer's retirement plan and how much total income you have. Funds in the account grow tax tax-deferred, and you pay tax when you take distributions. Conversely, you cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.

    Generally, as long as you have enough earned income, you can contribute up to the annual limit plus an additional catch-up contribution if you are age 50 or older. You can fund a traditional IRA, a Roth IRA or both, but your total contributions cannot be more than these annual limits. Also, Roth IRAs are subject to income-based contribution limits.

    You can contribute until the April due date for filing your tax return, but be sure to tell the IRA trustee that the contribution is for last year. Otherwise, the trustee may report the contribution as being for this year, when they receive your contribution.

    You may be able to take a tax deduction for contributions to a traditional IRA, depending on whether you or your spouse, if filing jointly, are covered by an employer's retirement plan and how much total income you have. Funds in the account grow tax tax-deferred, and you pay tax when you take distributions. Conversely, you cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.