Business Consulting and
Tax Planning Services
Looking Out for Your Business's Bottom Line
Do you know how your business stands against your competition? Has the value of your company been determined lately? If not, your bottom line may be hurting unnecessarily. Every corporation has its area weakness, and our skilled staff has the expertise to help you find and fix your problem.
Accurately Assessing the Value of Your Business
Our detail-focused team uses time-tested valuation methods in all our work. We also investigate how your company compares to your competition. As a result, you can expect to receive a thorough assessment that provides you with an accurate business value with us.
To Discuss your Business Valuation Needs
Call for a consultation to discuss your tax audit needs. Get an expert second opinion on your business's valuation. Call on (248) 566 3362 & (248) 509 2218 for more information.
Business Valuation Services
Get a Qualified Tax Professional on Your Side
With all the paperwork and numbers involved, preparing your annual income taxes can be complicated. With that being said, it's always possible that something could be missed or overlooked.
If you're concerned about the accuracy of your prior or current income taxes, turn to Tax Solutions Consultants. Our team of tax planning professionals will make sure your returns are correct and that you're getting all the credits and deductions you're due.
Saving You Money With a Thorough Tax Analysis
We'll provide an in-depth review of your prior tax returns to see if they were done correctly. If changes are needed, we'll work with you to provide the best solution possible. You can also count on us to analyze your current taxes and assist you with all future filings based on current tax law. If there's a way to save you money, we'll find it!
Saving You Money With a Thorough Tax Analysis
| Standard Deductions | ||||||||
| Joint or Qualifying Widow(er) | $24,800 | $24,400 | $24,000 | $12,700 | $12,600 | $12,600 | $12,400 | $12,200 |
| Single | 12,400 | 12,200 | 12,000 | 6,350 | 6,300 | 6,300 | 6,200 | 6,100 |
| Head of Household | 18,650 | 18,350 | 18,000 | 9,350 | 9,300 | 9,250 | 9,100 | 8,950 |
| Married Filing Separately | 12,400 | 12,200 | 12,000 | 6,350 | 6,300 | 6,300 | 6,200 | 6,100 |
| Additional for ElderlylBlind-Married | 1,300 | 1,300 | 1,300 | 1,250 | 1,250 | 1,250 | 1,200 | 1,200 |
| Additional for Elderly/Blind-UnMrd | 1,650 | 1,650 | 1,600 | 1,550 | 1,550 | 1,550 | 1,550 | 1,500 |
| Taxpayer Claimed as Dependent | 1,100 | 1,100 | 1,050 | 1,050 | 1,050 | 1,050 | 1,000 | 1,000 |
| Personal/Dependent Exemption | $0 | $0 | $0 | $4,050 | $4,050 | $4,000 | $3,950 | $3,900 |
| Unearned Income w/out Kiddie Tax | $2,200 | $2,200 | $2,100 | $2,100 | $2,100 | $2,100 | $2,000 | $2,000 |
| Beginning of 22% (25%) Bracket | ||||||||
| Joint or Qualifying Widow(er) | $80,250 | $78,950 | $77,400 | $75,900 | $75,300 | $74,900 | $73,800 | $72,500 |
| Single | 40,125 | 39,475 | 38,700 | 37,950 | 37,650 | 37,450 | 36,900 | 36,250 |
| Head of Household | 53,700 | 52,850 | 51,800 | 50,800 | 50,400 | 50,200 | 49,400 | 48,680 |
| Married Filing Separately | 40,125 | 39,475 | 38,700 | 37,950 | 37,650 | 37,450 | 36,900 | 36,250 |
| Estates and Nongrantor Trusts | 0 | 0 | 0 | 2,550 | 2,550 | 2,500 | 2,500 | 2,450 |
| Beginning of 24% (31 %) Bracket | ||||||||
| Joint or Qualifying Widow(er) | $171,050 | $168,400 | $165,000 | $153,100 | $151 ,900 | $151,200 | $148,850 | $146,400 |
| Single | 85,525 | 84,200 | 82,500 | 91,900 | 91,150 | 90,750 | 89,350 | 87,850 |
| Head of Household | 85,500 | 84,200 | 82,500 | 131,200 | 130,150 | 129,600 | 127,550 | 125,450 |
| Married Filing Separately | 85,525 | 84,200 | 82,500 | 76,550 | 75,950 | 75,600 | 74,425 | 73,200 |
| Estates and Nongrantor Trusts | 2,600 | 2,600 | 2,550 | 6,000 | 5,950 | 5,900 | 5,800 | 5,700 |
| Beginning of 32 % (36%) Bracket | ||||||||
| Joint or Qualifying Widow(er) | $326,600 | $321,450 | $315,000 | $233,350 | $231,450 | $230,450 | $226,850 | $223,050 |
| Single | 163 ,300 | 160,725 | 157,500 | 191,650 | 190,150 | 189,300 | 186,350 | 183,250 |
| Head of Household | 163,300 | 160,700 | 157,500 | 212,500 | 210,800 | 209,850 | 206,600 | 199,175 |
| Married Filing Separately | 163,300 | 160,725 | 157,500 | 116,675 | 115,725 | 115,225 | 113,425 | 111,525 |
| Estates and Nongrantor Trusts | N/A | N/A | N/A | 9,150 | 9,050 | 9,050 | 8,900 | 8,750 |
| Beginning of 35% (39.6%) Bracket | ||||||||
| Joint | $414,700 | $408,200 | $400,000 | $416,700 | $413,350 | $411,500 | $405,100 | $398,350 |
| Single, HOH, Married Filing Sep | 207,350 | 204,100 | 200,000 | 208,350 | 206,675 | 205,750 | 202,550 | 199,175 |
| Estates and Nongrantor Trusts | 9,450 | 9,300 | 9,150 | 12,580 | 12,400 | 12,300 | 12,150 | 11 ,950 |
| Beginning of 37% (39.6%) Bracket | ||||||||
| Joint & Qualifying Widow (each) | $622,050 | $612,350 | $600,000 | $470,700 | $466,950 | $464,850 | $457,600 | $450.00 |
| Single | 518,400 | 510,300 | 500,000 | 418,400 | 415,050 | 413,200 | 406,750 | 400,000 |
| Head of Household | 518,400 | 510,300 | 500,000 | 444,550 | 441 ,000 | 439,000 | 432,200 | 425,000 |
| Married Filing Separately | 311,025 | 306,\75 | 300,000 | 235,350 | 233,475 | 232,425 | 228,800 | 225,000 |
| Estates and Nongrantor Trusts | 12,950 | 12,750 | 12,500 | 12,400 | 12,400 | 12,300 | 12,150 | 11,950 |
| Beginning/Ending of Personal | ||||||||
| Phaseout Range -Based on AGI | ||||||||
| Joint or Qualifying Widow(er) | N/A | N/A | N/A | $313,800 | $311,300 | $309,900 | $305,050 | $300,000 |
| Single | N/A | N/A | N/A | 261,500 | 259,400 | 258,250 | 254,200 | 250,000 |
| Head of Household | N/A | N/A | N/A | 287,650 | 285 ,350 | 284,050 | 279,650 | 275 ,000 |
| Married Filing Separately | N/A | N/A | N/A | 156,900 | 155,650 | 154,950 | 152,525 | 150,000 |
| Beginning of Itemized Deduction | ||||||||
| Phaseout Range -Based on AGI | ||||||||
| Joint or Qualifying Widow(er) | N/A | N/A | N/A | $313,800 | $3 11,300 | $309,900 | $305,050 | $300,000 |
| Single | N/A | N/A | N/A | 261 ,500 | 259,400 | 258,250 | 254,200 | 250,000 |
| Head of Household | N/A | N/A | N/A | 287,650 | 285,350 | 284,050 | 279,650 | 275,000 |
| Married Filing Separately | N/A | N/A | N/A | 156,900 | 155,650 | 154,950 | 152,525 | 150,000 |
| BeginningfEnding of U.S. Savings | ||||||||
| Interest Exclusion -Based on | ||||||||
| Joint Return | $123,550 | $121,600 | $119,300 | $117,250 | $1 16,300 | $115,750 | $113,950 | $112,050 |
| Unmarried | 82,350 | 81 , 100 | 79,550 | 78,150 | 77,500 | 77,200 | 76,000 | 74,700 |
| Married Filing Separately | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maximum Rate on Net Capital Gains | 28% | 28% | 28% | 28% | 28% | 28% | 28% | 28 % |
| Alternative Minimum Tax (AMT) | ||||||||
| AM TI Less Exemption up to $175,000 | $197,900 | $194,800 | $191,100 | $187,800 | $186,300 | $185,400 | $182,500 | $179,500 |
| AMTI Less Exemption over $175,000 | 197,900 | 194,800 | 191,100 | 187,800 | 186,300 | 185,400 | 182,500 | 179,500 |
| ($87,500 if Married Filing Separately) | 98,950 | 97,400 | 95,500 | 93,900 | 93,150 | 92,700 | 91,250 | 89,750 |
| Estate & Gift Exemption | $11.58M | $11.40 M | $11.l8M | $5.49 M | $5.45 M | $5.43 M | $5 .34 M | $5.25 M |
| AMT E xemption Amounts | ||||||||
| Joint or Qualifying Widow(er) | $113,400 | $111,700 | $109,400 | $84,500 | $83,800 | $83,400 | $82,100 | $80,800 |
| Single, HOH | 72,900 | 71,700 | 70,300 | 54,300 | 53,900 | 53,600 | 52,800 | $51,900 |
| Estates & Trusts | 25,400 | 25,000 | 24,600 | 24,100 | 23,900 | 23,800 | 23 ,500 | $23,100 |
| FICA/SE Tax Information' | ||||||||
| FICA/SE Tax Max Earnings | $137,700 | $132,900 | $128,400 | $127,200 | $118,500 | $1 18,500 | $117,000 | $113,700 |
| FICA (OASDI and HI) Tax Rate (EE) | 7.65% | 7.65% | 7.65% | 7.65% | 7.65 % | 7.65% | 7.65% | 7.65% |
| Maximum FICA Tax (Employee) | $8,537 | $8,240 | $7 ,961 | $7,886 | $7,347 | $7 ,347 | $7,301 | $7,049 |
| Qualified Transportation Fringe | ||||||||
| Vehicle/Transit Pass Limit | $270 | $265 | $260 | $255 | $255 | $250 | $250 | $245 |
| Qualified Parking Limit | 270 | 265 | 260 | 255 | 255 | 250 | 250 | 245 |
| Max Deductible 401(k) Contribution | $19,500 | $19,000 | $18,500 | $18,000 | $18,000 | $18,000 | $17,500 | $17,500 |
| Max IRA Contribution | 6,000/7,000 | 6,000/7 ,000 | 5,500/6,500 | 5,500/6,500 | 5,500/6,500 | 5,500/6,500 | 5,500/6,500 | 5,500/6,500 |
| Section 179 Deduction | $1.04 M | $1.02 M | $1.00 M | $510,000 | $500,000 | $500,000 | $25 ,000 | $500,000 |
| Qualifying Property | $2.59 M | $2 .55 M | $2 .50 M | $2 .03 M | $2.01 M | $2.00 M | $200,000 | $2 .00 M |
| Earnings Ceiling for Social Security | ||||||||
| Below Age 65 | $18,240 | $17,640 | $17,040 | $16,920 | $15,720 | $15,720 | $15,480 | $15 ,120 |
| Age 65 | $48,600 | $46,920 | $45,360 | $44,880 | $4 1,880 | $41 ,880 | $41 ,400 | $40,080 |
| Age 66-69 | No Limit | No Limit | No Limit | No Limit | No Limit | No Limit | No Limit | No Limit |
| Age 70 and Above | No Limit | No Limit | No Limit | No Limit | No Limit | No Limit | No Limit | No Limit |
For the Long-Term Success of Your Defined Benefit Plan
Employers who offer defined benefit plans, such as pensions, typically enjoy better employee retention and loyalty. But if those plans aren't implemented correctly, they can be very costly to the employers.
For an expert analysis of your company's defined benefit plan that comes backed by over 60 years of combined experience, turn to Tax Solutions Consultants. Our team of professionals will make sure your plan is set up to work in your favor for years to come.
Identifying Ways to Reduce Your Tax Liability
Many employers find that they are limited in what they can contribute to their defined benefit plans. These limitations can hurt an employer's ability to adequately fund their retirement plans and increase the amount of taxes they owe.
But with Tax Solutions Consultants on your side, you may be able to take advantage of new tax law changes that you may not have known were available. You can rely on us to thoroughly analyze your defined benefit plan and then identify ways to reduce your tax liability while increasing the retirement contributions you can make.
Why Benchmark Your Company 401(k) Plan?
Welcome to Uncovering the Truth: Benchmarking Your Company's 401(k) Plan.
Benchmarking is simply the process of organizing, reviewing, and then evaluating to learn if your plan is competitive and provides an objective look at your 401(k) as a whole. See how your company 401(k) compares with other companies' 401(k) plans by using retirement plan benchmarking. The Benchmarking report will help you discover why making the right decisions for your company's 401(k) plan shouldn't be guesswork.
For people responsible for managing their company's 401(k) plan, those individuals who sign the 5500 form for ERISA, benchmarking is more relevant than ever between avoiding lawsuits, hiring and retaining employees, and contending with budgetary and investment pressures. Unfortunately, many 401(k) sponsors are unaware of how vital this information is to prove they have met the Fiduciary obligations. These reports are proof that you have met these standards. To receive further information regarding Benchmarking your Companies 401(k), please fill in the request form or give us a call at (248) 566 3362 & (248) 509 2218
A little bit about us, we provide ongoing educational services and customized support for 401(k) plan managers and offer comprehensive plan services that are designed to help employees optimize their retirement savings while easing the company's risk and administrative burden.
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Call us at (248) 566 3362 & (248) 509 2218
Get an expert second opinion on
your defined benefit plan.
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