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By MI Tax CPA
March 21, 2023
How to Create an LLC in Michigan: A Step-by-Step Guide
Michigan is the land of opportunities—from the lumber yards of the Upper Peninsula to the auto industry in Detroit. Starting a limited liability company (LLC) may be your best decision regardless of where you plan to make your mark in this business ecosystem. Any business wishing to reduce its personal liability from lawsuits or debts […]
March 18, 2023
What Other Services Can an Accounting Firm Offer?
Accounting firms do more than just accounting. The services they provide can maximize profits and support your finances. Businesses and people should consider accountants a critical element of financial planning. No accounting firm offers every service, so ensure your advisors are best suited to your specific needs. Knowing where to start is the first hurdle. […]
![How Many DBAs Can an LLC Have? [Expert’s Answer]](https://mitaxcpa.wpenginepowered.com/wp-content/uploads/2023/03/flat-lay-business-concept-scaled-1.jpg)
March 15, 2023
How Many DBAs Can an LLC Have? [Expert’s Answer]
There will always be law differences between states. Our answer covers what is most commonly seen throughout the US while also pointing you in the right direction regarding state differences. LLC organizations regularly enquire about DBAs, how they affect the running of your LLC, and if there are any negative impacts to filing for new […]
March 13, 2023
How Many DBAs Can a Sole Proprietor Have?
If you’re a sole proprietor in Michigan, “Doing Business As” (DBA) under a “trade name” or “fictitious name” can help you diversify your offerings while keeping all your accounts under the same umbrella entity. But what if you want to expand and have multiple DBAs? A sole proprietor can file for multiple DBAs, but they […]
![How to Eliminate Taxes on Debt Forgiveness [Expert’s Answer]](https://mitaxcpa.wpenginepowered.com/wp-content/uploads/2023/03/business-team-present-professional-investor-working-new-startup-project-finance-meeting-scaled-1.jpg)
March 11, 2023
How to Eliminate Taxes on Debt Forgiveness [Expert’s Answer]
If you’ve recently received debt forgiveness, you may feel relieved that you will no longer have to worry about monthly payments. However, you’re not out of the woods just yet. Borrowers who have debts forgiven must still pay income taxes on them. However, there are a few exceptions. Depending on the situation, those who qualify […]
March 09, 2023
Does the IRS Ever Forgive Debt? What Taxpayers Should Know
There are times in a person’s life when the amount of tax debt catches up to them and makes repayment seem impossible. In those situations, debt forgiveness may be an option. However, it’s not always the best choice as it can impact your financial rating. Still, it’s worth exploring this option if you feel you […]
March 07, 2023
Do I Need a DBA for My Website? An Expert’s Guide
A lot goes into setting up a business. Conducting market research, writing a business plan, renting a space, getting your tax IDs, etc. Picking a business name is one task on an endless list. For that reason, it’s easy to forget to check whether the associated domain name is available before formalizing your business name. […]
February 14, 2023
What Is Excise Tax on Cannabis? Everything You Need To Know
Most states that have legalized recreational cannabis impose an excise tax on the transfer or sale of marijuana products in addition to sales tax. If you’ve worked in the cannabis industry or recently opened up a dispensary, it’s worth learning more about the excise tax on cannabis. Usually, the consumers pay the costs, but business […]
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