Wealth Link Tax & Business/Strategic Tax Planning

Wealth Link Tax & Business/Strategic Tax Planning The Tax planning goal is to arrange financial affairs so you can minimize taxes. Tax planning for ou Don't pay unnecessary taxes.

Tax planning for our clients begins in the 1st quarter of the year. The advantage is to start at the beginning so you can make changes.

Accurate bookkeeping and timely accounting records provide the foundation for informed decisions throughout the year. Wh...
08/04/2026

Accurate bookkeeping and timely accounting records provide the foundation for informed decisions throughout the year. When your books are current and reliable, it’s easier to manage cash flow, identify operational issues and jump on growth opportunities. Contact us at (313) 351-9266 for help streamlining your financial reporting processes and reducing year-end surprises.

Running a successful business requires more than keeping up with the day-to-day. It also requires taking time to evaluat...
08/03/2026

Running a successful business requires more than keeping up with the day-to-day. It also requires taking time to evaluate your financial position, identify opportunities and plan for what’s ahead. Whether you need assistance with accounting, bookkeeping, tax planning or strategic business advice, we can help you gain clarity. Our team provides practical guidance tailored to your specific needs, so you can focus on running and growing your business. Contact us at (313) 351-9266 to learn more.

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion...
07/31/2026

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total gifts to the child for the year don’t exceed $19,000. Note that contributions from most sources are limited to $5,000 per year (not including the initial federal government contribution of $1,000 if the child qualifies), per Section 530A account. Also, the recipient must be under age 18 at the end of the tax year. Have questions? Call us at (313) 351-9266.

You may be eligible for the Child and Dependent Care Credit if you pay for care so you can work. For 2026, the credit fo...
07/29/2026

You may be eligible for the Child and Dependent Care Credit if you pay for care so you can work. For 2026, the credit for lower-income taxpayers increases from 35% to 50% of the first $3,000 of qualified expenses for one child ($6,000 for two or more children). Some middle-income taxpayers may also qualify for a larger percentage than in prior years. Call us at (313) 351-9266 to learn how the updated rules may apply to your family.

If you’re age 50 or older, a great way to enhance your retirement nest egg is to make “catch-up” contributions to your 4...
07/28/2026

If you’re age 50 or older, a great way to enhance your retirement nest egg is to make “catch-up” contributions to your 401(k), 403(b), 457 plan, SIMPLE or IRA. And workers age 60 to 63 can potentially boost their 401(k) or other employer-sponsored retirement plan up to 150% of the regular catch-up limit. For 2026, this means an extra contribution of $11,250 ($5,250 for SIMPLEs). Want to make the most of tax-advantaged savings opportunities? Contact us at (313) 351-9266.

Monthly financial statements are essential. But they often take weeks to prepare and may arrive after you’ve already mad...
07/27/2026

Monthly financial statements are essential. But they often take weeks to prepare and may arrive after you’ve already made critical business decisions. Flash reports can help bridge that gap by providing real-time snapshots of critical metrics — such as cash balances, collections and payroll. These reports provide timely insight into financial performance, allowing you to identify emerging issues before they become major problems. Because flash reports are preliminary, you should use them as management tools, not formal financial statements. Call us at (313) 351-9266 to discuss how customized flash reports can help your business make faster, more informed financial decisions.

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. ...
07/24/2026

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. Starting Jan. 1, 2026, corporations can only deduct charitable gifts in excess of 1% of the company’s taxable income, with a 10% of income cap. Amounts exceeding the 10% cap can be carried forward — as can amounts that aren’t currently deductible due to the 1% floor — for up to five years. You may want to execute a multiyear charitable deduction strategy if your company’s income varies from year to year. Contact us at (313) 351-9266. We can help by projecting income and other deductions so you can support your community while maximizing long-term tax benefits.

You’ll probably owe tax on your retirement income — how much depends on factors such as the types of retirement accounts...
07/22/2026

You’ll probably owe tax on your retirement income — how much depends on factors such as the types of retirement accounts you own and your other income sources. In general, retirees should withdraw funds from any taxable accounts first, tax-deferred accounts second and tax-free accounts last. But different withdrawal strategies may benefit you. The important thing is to start planning before you retire. Call us at (313) 351-9266 for help.

Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can “certify” unpaid ...
07/21/2026

Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can “certify” unpaid federal tax debts over $66,000 (adjusted annually for inflation) to the U.S. State Department, which may deny a passport application or renewal — or even revoke your current passport — until your tax issues are resolved. If you’re overseas, you might receive only a limited-validity passport to return to the United States. Unpaid federal tax debt includes individual income taxes, trust fund recovery penalties, business taxes for which taxpayers are personally liable and other civil penalties. Contact us at (313) 351-9266 for details.

Business owners: Are you or your employees planning to go “back to school” soon? Two types of work-related education cos...
07/20/2026

Business owners: Are you or your employees planning to go “back to school” soon? Two types of work-related education costs may qualify for business tax breaks: 1) those required to retain an existing job, license or professional status, and 2) those directly tied to maintaining or improving skills for a current trade or business. Deductible expenses can include tuition, books, supplies and possibly travel if the primary purpose of the trip is business-related education. However, you can’t deduct costs for education that help meet the minimum qualifications for a position or to qualify for a new trade or business. Contact us at (313) 351-9266 to learn the ABCs of work-related education expense deductions.

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