Brian Borawski CPA, PC

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Accountants Referral Service, Accounting Services, Financial Services

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Today: Open 24 Hours

18 Years

in Business

(248) 346-4732Call Visit WebsiteVisit Website Map & DirectionsDirections349 Lake Forest DrWaterford, MI 48327 Write a ReviewWrite Review

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Mon - Sun:	Open 24 Hours

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General Info: Tax, accounting and financial consulting for businesses, individuals and real estate investors.
Services/Products: Tax Preparation, Tax Consulting, Bookkeeping, Accounting, Financial Planning, Business Valuation, Consulting., 24 hour Emergency Service
Neighborhood: Waterford
Associations: MACPA
Other Link: Official Website
Categories: Accountants Referral Service, Accounting Services, Financial Services

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Phone: (248) 346-4732

Address: 349 Lake Forest Dr, Waterford, MI 48327

Website: Official Website

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Brian Borawski CPA, PC

Tax Planning
Tax Services
People might struggle if they’re used to going to a “big box” tax preparation store like H&R Block. Some of these places might still be open, but if you want to minimize your interaction with people and practice social distancing you might be looking for a better way. The good news is there are ways to get your taxes done without even leaving your house.
Form 1065
The first question I usually get asked is about entities.Â I’m going to focus on just the tax implications and leave the entity protection discussion for your attorney.Â If you want to buy and hold real estate, most of the time you’re going to hold it in a non-corporate entity.Â If you want to read about why you probably don’t want to hold real estate in a corporation, I discussed that specific issue in a separate post.Â Most of the time you’ll be dealing with a limited liability company (LLC).Â If it’s a single member LLC, you’ll be reporting your rental real estate activity on Schedule E of your 1040.Â If its a multi-member LLC, then the default tax form is the Partnership Return, which is Form 1065 with the specific rental activity being reported on Form 8825.
Tax Deductions
State and Local Sales Tax Deduction – The state and local sales tax deduction has been extended for 2013.
Income Tax
This is part two in a series of article explaining the changes that happened when the American Taxpayer Relief Act of 2012 was enacted.Â Like Individual Income Tax rates. the changes to the capital gains rate only changed for those who exceed a certain income threshold.Â The news 20% rate applies to individuals making more than $400,000, couples who make more than $450,000 and head’s of household who make more than $425,000.Â Anyone under those amounts will pay a capital gains rate based on their income that ranges from zero to 15%.Â For a look at the new capitals gains rates, please click through to this article which provides the specific brackets.

Accounting Services
Both bookkeeping and payroll can be a challenge for business owners. Let me or one of my affiliates help you get set up properly so you can manage your processes more easily. At the same time we'll also make sure your business entity is set up properly to maximize your tax savings.
Bookkeeping Services

Annuities
While we have a number of expiring tax provisions, we also have a few new ones.Â This one is courtesy of the 2010 Health Care bill (Obamacare) and it puts into place a medicare tax on unearned income which starts 1/1/2013.Â The tax rate is 3.8% and it’s on the lower of the persons’ net investment income or their modified adjusted gross income over a certain limit.Â Investment income includes interest, dividends, capital gains, annuities, royalties, rents and pass through income like income from K-1’s from S-Corporations and partnerships.
Asset Management
Let’s look at an example.Â You decide to buy a tanning salon for $30,000.Â It’s in a good location, it has below market rents for the next few years and the current owner has done a horrible job marketing the company so even though the assets of the company are only worth $20,000, you feel the $30,000 purchase price is a bargain based on the profit you’re going to bring in.Â Both sides agree on the value of the assets and both sides fill out and agree on a $20,000 allocation to tanning equipment and $10,000 of goodwill on Form 8883 (Asset Allocation Statement).Â Assuming you’re using a business structure, your business buys the “assets,” begins operating it and come tax time, the $20,000 in equipment is depreciated over a five or seven year life while the goodwill of $10,000 is amortized for tax purposes over 15 years.

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