Many taxpayers are surprised to learn that not everyone can wait until tax season to pay their taxes. If you earn income that is not subject to withholding, you may be required to make estimated tax payments throughout the year.

Failing to make these payments can result in penalties and an unexpected tax bill when you file your return.

Every year, taxpayers leave money on the table or create unnecessary problems with the IRS because of avoidable mistakes on their tax returns. While some errors simply delay a refund, others can result in missed deductions, IRS notices, penalties, or additional taxes owed.

Whether you prepare your own return or work with a tax professional, understanding the most common tax filing mistakes can help you avoid costly surprises.

Choosing the right legal structure for your business is one of the most important decisions you'll make as a business owner. The entity you select affects everything from taxation and liability protection to administrative requirements and future growth opportunities.

Whether you are starting a side business, launching a new venture, or building a company with long-term growth in mind, selecting the proper entity can help protect your personal assets, reduce taxes, and position your business for success.

For many taxpayers, receiving a tax refund each year feels like a financial win. A refund feels like a bonus – money in your pocket to spend. But from a tax planning perspective, refunds are misunderstood. Are they actually a good thing, or something a taxpayer should avoid?

Adjusted Gross Income, commonly referred to as AGI, is one of the most important numbers on your tax return—yet it’s often misunderstood. Many tax calculations, credits, and deductions are based on AGI, making it a key factor in how much tax you owe or how much you may get back.

Under the One Big Beautiful Bill Act (OBBA), certain individuals who receive qualified cash tips in occupations where tipping is customary may be eligible for a temporary deduction.

The One Big Beautiful Bill Act brings major 2025 tax changes that affect both individuals and businesses. This guide breaks down permanent rate cuts, expanded deductions, business write-offs, and new tax breaks—so you can understand what’s different and how to plan for the year ahead.

Managing sales tax can be confusing, but getting it right is essential for every Michigan small business. Learn how to register, what’s taxable or exempt, and how to keep your filings accurate and on time. Stay compliant and avoid costly mistakes with clear tips tailored for rural businesses.

Discover the differences between SIMPLE IRA and 401(k) plans for your Mid Michigan small business. Learn how to offer retirement benefits to attract talent and secure your team’s future. Raymond & King CPAs, based in the Thumb Region, guide you through 2025 retirement planning options. Contact us for expert advice!