Blumark Tax Advisors

We post to our blog on a regular basis. Catch some tips that could save you headaches, hassles and even save you money!

If you ever have any questions please write to [email protected], call us at 248.289.1647 or direct message through Facebook.

Free small business tips and advice | Blumark Blumark learning center offers free tax planning, bookkeeping and small business tips and tricks.

Exciting news at Blumark! As we continue to grow, we're actively expanding our team and are thrilled to announce new job opportunities. We are currently on the lookout for dynamic individuals to join us in various positions, bringing fresh perspectives and expertise to our dedicated team of tax professionals. Whether you're an experienced tax expert or someone passionate about entering the field, we encourage you to explore the possibilities with us.

Click Here To Apply: https://www.blumarktax.com/jobs/career-opportunities

May your day be filled with gratitude and love.

Our offices are closed today and Friday, Nov. 24. We will return on Monday at our regular time of 8:30 am - 5:00 pm.

Ever felt lost in the tax maze? You're not alone! We've decoded the jargon for you in a quick guide.

Cracking the (Tax) Code: Your Guide to Tax Jargon Do taxes have you feeling like you’ve stumbled into a secret society with its own language? Crack the tax code with this essential guide to tax jargon…for everyone!

The Kiddie Tax was introduced in 1986 to prevent high-income parents from shifting their investment income to their children, who typically fall into lower tax brackets.

Kiddie Tax – What a Parent Needs to Know The Kiddie Tax was introduced in 1986 to prevent high-income parents from shifting their investment income to their children, who typically fall into lower tax brackets. While the term “Kiddie Tax” isn’t used in the tax code, it does succinctly describe this tax. The tax applies to unearned in...

Attention baby boomers! It's time to prioritize comprehensive estate planning as you navigate the later stages of life.

Navigating the Legacy: A Comprehensive Guide to Estate Planning for Baby Boomers Discover the critical steps to safeguard your family's financial future. Learn how to address common challenges, from unpaid debts to tax issues, and create a comprehensive estate plan for lasting peace of mind.

Our offices will be physically closed today for a company wide in-person meeting. If you need anything you can reach out to us still at 248.289.1647.

Check out the rankings for the top 10 best and worst states according to the 2024 State Business Tax Climate Index.

2024 State Business Tax Climate Index In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.

IRS boosts focus on wealthy individuals, partnerships, and high-income earners with increased funding from the Inflation Reduction Act.

IRS Alters Audit Focus A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing those individuals and businesses who don't comply with their tax obligations, the IRS is being fair to those who are compliant.

Love game shows and prize excitement? Ever wondered about contestants' taxes on those winnings? They've got to deal with IRS Form 1099-MISC, and yes, they owe taxes on the cash and prizes they win!

A New Twist on Your Favorite Game Show If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another element to your viewing pleasure by considering how the contestants will handle the IRS Form 1099-MISC they receive for the value of the items they won. You may not h...

Some of our Blumark Tax Advisors Team are in Denver for the Thomson Reuters Synergy conference. As a team building event, they did an . We have some smart cookies because they ESCAPED!

Despite IRS and CPA warnings, some business owners got caught up in aggressive marketing and made ineligible claims for the Employee Retention Credit (ERC). Be cautious!

Flash – IRS Provides Employers Way to Withdraw Dubious ERC Claims Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have fallen victim to aggressive marketing of the Employee Retention Credit (ERC) by marketers or promoters into filing ineligible claims.

The IRS is working on a better free e-file tax option, thanks to extra funding, to make taxes easier for those with lower incomes.

The Battle Over Free IRS E-Filing: Pros and Cons The IRS is set to create a new free e-file system designed to rival TurboTax. It has caused a heated debate. Discover key pros and cons here.

Military members benefit from a variety of special tax benefits. Here is a rundown on the most prominent of the tax benefits.

Tax Benefits for Members of the Military Military members benefit from a variety of special tax benefits. These include certain non-taxable allowances, non-taxable combat pay, and a variety of other special tax provisions. Here is a rundown on the most prominent of the tax benefits.

Wishing you a . Are you handing out candy, dressing up or trick or treating tonight?

As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits.

Obscure and Overlooked Tax Deductions, Credits, and Benefits As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list every...

Holiday budgeting strategies: Why planning ahead is key!

Holiday budgeting strategies: Why planning ahead is key With holiday season around the corner, NBC's Stephanie Ruhle shares budgeting tips to avoid overspending including planning for the unexpected, remembering non-gift expenses, shopping early, taking inventory before you spend and more!

What is and why is it important for individuals, couples, and families? Learn more here!

If you have any questions, please reach out to [email protected] and we'd be happy to talk through your own, individual situation.

We think this is an important topic!

For your , teach your family to recognize scams. Make sure they know not to click on links or download attachments from unknown emails. Read more and Security Summit tips for : www.irs.gov/securitysummit

Have you been thinking of making home improvements? If so, and they include energy-saving improvements, you may qualify for some substantial income tax credits.

Home Energy Audit Tax Benefits Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on your to-do list, with the increasing cost of energy you may find that energy saving home im...

The SALT deduction limitation places a cap on the amount of state and local taxes (SALT) that taxpayers who itemize their deductions can deduct from their federal taxable income.

Congress Toying with the SALT Deduction Limitation There is movement in the 118th (2023-2024) U.S. Congress, primarily the House of Representatives, which has three bills before it that would liberalize the current itemized deduction limitation on state and local taxes, referred to as the SALT limitation, which is currently $10,000.

As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances.

Navigating the Impact of Rising Interest Rates on Personal Finances Explore the effects of surging interest rates on credit cards, home buying, auto loans, and bank savings. Learn more.

With demand soaring, some savvy individuals have seized the opportunity to turn concerts like Taylor Swift's into profitable ventures.

Ticket Sale Profit Tax Liabilities: Lessons From Taylor Swift Selling tickets at a profit comes with its own set of tax implications. Learn more.

Seems like the TV commercials promoting filing for the Employee Retention Credit (ERC) haven’t gone away despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies that business owners can be misled into filing for a tax credit for which they do not qualify.

Are Those ERC TV Ads Too Good to Be True? Seems like the TV commercials promoting filing for the Employee Retention Credit (ERC) haven’t gone away despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies that business owners can be misled into filing for a tax credit for which they do no...

Have you ever dreamed of winning the Powerball jackpot?

The Tax Bite of Powerball Winnings: What You Should Know Powerball lottery winners owe more than you might think in taxes before the ink on their checks is even dry. Find full details in this Powerball tax guide.

Here are some situations when having home improvement records could save taxes:

Why You Should Keep Home Improvement Records When the sales price, net of selling expenses, is more than the cost of an individual’s primary home the resulting gain would be taxable if not for a provision in the tax law that allows some or all of the gain to be excluded from the seller’s income. Of course, certain requirements must be met ...

The early Presidential debates for the 2024 election cycle have begun, and one topic that's expected to take center stage is the future of the U.S. tax code.

The Future of U.S. Tax Policy: Key Issues For 2024 Presidential Candidates As Presidential debates for the 2024 election cycle get underway, tax policy questions loom large. This is your guide to which tax issues you need to know.

A recent event in Central Florida saw a hole-in-one winner denied her coveted prize – a brand-new Mercedes-Benz.

The Curious Case of the Hole-in-One: Tax Ramifications and Legal Wranglings Unfold The tax ramifications of winning a charity hole-in-one.

We are excited to be attending the FANA / Florida Association of Nurse Anesthesiology Annual Meeting in Orlando. We’re once again co-sponsors of the Student College Bowl held this evening.

We look forward to this event each year to connect with our and friends.

We are attending the Tennessee Association of Nurse Anesthetists this weekend. Visit with Victor Phillips to ask any of your questions and to learn about our 1099 Bootcamp series.

A electric vehicles become more common, states are implementing taxes and regulations on charging stations, potentially affecting drivers’ and businesses’ finances.

Electric Vehicle Charging Taxes: A State-By-State Overview The electric and hydrogen vehicle revolution is well underway and every state is dealing with taxes differently. Get the information you need in this guide.