Michigan Earned Sick Time Act
Michigan-based employers, the Michigan Earned Sick Time Act is something to familiarize yourselves with as it will have major tax and budgetary consequences.
The Michigan Earned Sick Time Act goes into effect February 21, 2025. It requires businesses to provide paid sick leave to all employees, and applies to even part-time and seasonal employees. Jon goes into some of the tax ramifications and things to be considering.
More about the Earned Sick Time Act here.
Post-Election Impact on Tax Planning
Now that the election is over, and we have the results, we have some idea of the tax policy changes that may occur. Work the plan we have created with you, and continue to stay in touch as more unfolds.
For detailed information on the policies President-Elect Trump presented during his campaign, please see this document.
Sunset of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act was revolutionary in what it did – spreading out tax brackets, lowering tax rates, and simplifying tax preparation for many.
However, many of these tax changes pertaining to individuals sunset at the end of 2025, so tax planning related to this is crucial. This video covers the big changes that will occur if TCJA sunsets without any government intervention:
- Itemized deductions and personal exemptions will resume
- Tax rates will revert to the previous, higher rates
- Child Tax Credit will decrease to the previous, lower rate
- QBID (for business owners) will be discontinued
- Significant decrease in Estate and Gift Tax exemption
Watch now for more information on how this may affect you, and how to be proactive in planning for these changes.
Tax Implications of the 2024 Election
Today we break down some of the differences in tax policies and general tax strategy between Harris and Trump.
If you are looking for a more detailed non-partisan dive into where the 2024 candidates stand on taxes, check out https://taxfoundation.org/ You may also download this overview of the 2024 tax policies of the two major presidential candidates here: https://bit.ly/3Xj2GM1
Intrust End of Year Update (12/28)
Merry Christmas & Happy Holidays from Intrust CPA! In today’s video, Jon Sluis shares some end-of-year reminders and thoughts.
Specifically, what to remember before the year ends, student loan updates and some reminders for January 15th.
To view older videos, please click here: Intrust CPA on YouTube