Accounting & Tax Services to fit your needs

We are accepting appointments now for tax planning and projection. Give us a call to set up your appointment or have a question. 989-835-9766

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                                                              Important Updates

• Office hours are Monday through Friday 9-5. Others available by appointment. Updated CDC guidelines recommend that you wear a face mask if not vaccinated.  A mask is optional for those that are vaccinated. If you are not feeling well, please stay home.
• Tax year 2022 Changes: The standard deduction for all types of filers have been adjusted due to inflation for 2022:  
  •   Single ------------------------$12,950
  •   Head of Household--------$19,400
  •   Married Filed Jointly-------$25,900
  •   Married Filed Separately-$12,950
• The HSA contribution limit has been increased to $3,650 for self only coverage and $7,300 for family plans. If you are 55 years of age or over there is an additional $1,000 in catch up contribution.
• Child and Dependent Care Credit - For 2022, the child and dependent care credit is non-refundable. The maximum credit percentage also drops from 50% to 35%. For 2022, the credit is only allowed for up to $3,000 in expenses for one child/dependent and $6,000 for more than one. When the 35% maximum credit percentage is applied, that puts the top credit for the 2022 tax year at $1,050 (35% of $3,000) if you have just one child/dependent in your family and $2,100 (35% of $6,000) if you have more. In addition, the full child and dependent care credit will only be allowed for families making less than $15,000 a year in 2022 (instead of $125,000 per year). After that, the credit starts to phase-out.
• Traditional IRA Contributions -2022 Contribution limits for IRAs remain unchanged at $6,000 if you are under 50 years old and $7,000 if you are 50 or older. You are covered by an employer-sponsored plan, your income limit when you’ll still get a deduction for contributing increases. Your Contribution is limited as follows:
  Single Filers: The maximum deduction is reduced at $68,000 in 2022 (up from $66,000 in 2021) and is completely eliminated at $78,000 or more (up from $76,000).
  Joint Filers: The Maximum deduction is reduced at $109,001 (up from $105,001 in 2021) and is completely eliminated at $129,000 (up from $125,000).
• Income Limits to Contribute to a ROTH IRA: Single Filers: For 2022, your maximum Roth IRA contribution is reduced when your modified adjusted gross income is $129,000 (up from $125,000 in 2021) and eliminated at $144,000 (up from $140,000).
  Joint Filers: Your maximum contribution is reduced when your modified adjusted gross income is $204,000 (up from $198,000) and eliminated at $214,000 (up from $208,000).
  
• Child Tax Credit Changes for 2022: Major changes were made to the child tax credit for 2021. The child tax credit reverts back to its pre-2021 form for the 2022 tax year. The 2022 credit amount drops back down to $2,000 per child (it was $3,000 for children 6 to 17 years of age and $3,600 for children 5 years and younger for the 2021 tax year). Children who are 17 years old don’t qualify for the credit this year. For some lower-income taxpayers, the 2022 credit is only partially refundable (up to $1,500 per qualifying child), and they must have earned income of at least $2,500 to take advantage for the credit’s limited refundability in 2022.
• Economic Injury Disaster Loan for businesses: There are funds available for the EIDL program. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. For more information go to www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan.
• Help for Renters and Landlords: Current State of Michigan Housing assistance program called CERA, provides rental assistance to applicable tenants that are in desperate financial need. We can assist in the application and qualification process of this subsidy along with other rental management needs.

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Integrity * Accuracy * Trustworthy

Allied Accounting Services has been providing total financial services to individuals and businesses for over 30 years. Professionalism and integrity encompasses everything we do. We help our clients so that their business’ financials are clear and straightforward. We stop and listen to client needs, questions and concerns.  We have experience in financial planning strategies to meet business’ current needs in a number of areas from tax law to a trusted business advisor. We are a trustworthy confidant for your most guarded personal financial information and proprietary business data where we make it easier to deal with stressful financial matters. We offer fresh ideas for more convenient and cost-efficient ways of doing things. Contact us today for a consultation with a competent, experienced advisor to identify and implement innovative ways to keep more of what you earn and help your business grow.