Black Lab Accounting & Tax LLC

09/04/2026

To our favorite black labs and mascots, Forest and River, happy birthday boys.

River’s birthday 9/4/25
Forest’s birthday 9/5/15

🎉🥳🐾🎊🎈

09/03/2026

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

In addition to reporting business income and expenses, you may owe self-employment tax and need to make quarterly estimated payments. You might also need an employer identification number (for example, if you hire employees). State and local income, sales, payroll, and other tax requirements may apply, too. Careful planning can help you maximize deductions and choose the right retirement plan for your situation.

Contact us at (517) 231-7566 to learn more about the tax aspects of being a sole proprietor, including the reporting and recordkeeping requirements.

09/02/2026

Many small business owners find the concept of risk management intimidating. But essentially, it’s about identifying potential disruptions and making practical plans to guard against them. From cash flow slowdowns to staffing shortages, every business faces uncertainty. The key is being prepared, not overwhelmed. Call us at (517) 231-7566 for help reviewing your current risks, spotting emerging challenges, and making informed decisions that support long-term stability and growth.

09/01/2026

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s income — typically 45% to 65% of pre-disability earnings. But in some cases, income taxes can take a bite out of disability benefits. Taxability usually hinges on who paid the premiums. If your employer paid them, the payouts from the policy generally will be taxed to you just as if the income were paid directly to you by your employer. If you paid the premiums, the payments you receive generally won’t be taxable. State tax treatment of disability benefits varies. Contact us at (517) 231-7566 for help assessing how much disability coverage you need depending on the tax consequences and other factors.

08/31/2026

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with low or no income taxes. Relocating a trust may offer a tax advantage if the trust is an irrevocable nongrantor trust, accumulates (rather than distributes) substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. Call us at (517) 231-7566 for more information.

08/27/2026

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economically distressed communities by offering federal income tax credits to qualifying investors.

If your business invests in a certified community development entity (CDE), you may be eligible for a credit equal to 39% of your investment over seven years. Alternatively, your business may benefit indirectly by receiving CDE financing for renovations, equipment, expansion or other eligible projects in qualifying low-income communities.

We can help you estimate the potential tax or financing benefits and comply with the applicable requirements. Call us at (517) 231-7566 to learn more.

08/26/2026

08/26/2026

Do you know the difference between IRS liens and levies? A federal tax lien arises when you fail to pay taxes after receiving an IRS bill or notice. It’s a legal claim against your property, including real estate and other assets, which can affect your ability to secure credit or complete financial transactions. A levy may be the next step if your debt remains unresolved. The IRS can seize assets — such as wages or bank funds — to satisfy the debt. In short, a lien protects the IRS’s interest, while a levy enforces collection. If you receive collection notices, don’t ignore them! Acting quickly can help open the door to resolution options. Call us at (517) 231-7566.

08/25/2026

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college. But the AOTC is phased out for married joint filers with modified adjusted gross income between $160,000 and $180,000 (between $80,000 and $90,000 for heads of households). If your child has a tax-advantaged education account, such as a 529 plan, tax-free withdrawals can be taken to pay qualified expenses. But expenses paid with tax-free withdrawals can’t be used to claim the AOTC. Call us at (517) 231-7566 to discuss these and other tax tips for your situation.

08/24/2026

Owning assets jointly with your adult child can invite unwelcome tax consequences that may outweigh potential benefits. For example, owning an asset together as “joint tenants with right of survivorship” can open up transfer tax exposure. If you add your child to the title of property you already own, it may be considered a taxable gift of half the property’s value. And when you die, half of the property’s value will be included in your taxable estate. A properly designed trust can be a more tax-efficient option. Call us at (517) 231-7566 for details.