LLMA Accounting Services

10/15/2026

10/09/2026

Did You Qualify for the Reported $500 ACA Refund?
Have you heard about the reported $500 refund for certain Affordable Care Act (ACA) Marketplace enrollees? You may have questions about whether you qualify and whether you will receive a payment.
Here are a few questions to help you understand your situation:
Did you purchase health insurance through the ACA Marketplace (HealthCare.gov)?
Were you enrolled in a qualifying ACA health insurance plan?
Did you receive Premium Tax Credits to help pay for your health insurance, or did you pay the full premium yourself?
Have you received a $500 refund, or are you still waiting for more information?
According to reports, the proposed eligibility criteria focus on certain Marketplace enrollees who did not receive premium tax credits or other federal premium assistance. However, eligibility and payment details should be verified through official government sources before assuming that you qualify.
If you have questions about ACA coverage, Premium Tax Credits, or how these matters may affect your tax situation, contact LLMA Accounting Services LLC for assistance.

Disclaimer: This information is provided for educational and informational purposes only and should not be considered tax, legal, or financial advice. Eligibility and payment information must be confirmed through official government sources. Please consult a qualified tax professional regarding your individual circumstances.

10/05/2026

Starting in tax year 2027, eligible taxpayers may qualify for the new Saver’s Match, a federal retirement contribution of up to $1,000 per person based on their qualifying retirement contributions.
The Saver’s Match replaces the previous Saver’s Credit and is not limited by the amount of federal income tax you owe. Eligibility will depend on factors such as income, filing status, age, student status, dependent status, and qualifying retirement contributions.
If you contribute to an IRA in early 2027, remember that the tax year assigned to the contribution matters. Make sure you understand whether your contribution applies to 2026 or 2027.
At LLMA Accounting Services LLC, we can help you understand these changes and plan your retirement contributions with your tax situation in mind.
This information is for educational purposes only and should not be relied upon as tax advice. Please consult your tax professional about your individual situation.

09/30/2026

What Parents Should Know

The Treasury Department is introducing Trump Accounts, a new savings and investment program for eligible children under age 18. A pilot program is also being used to help implement the accounts and enrollment process.

For a qualified child, parents or guardians should make sure the child has a valid Social Security number and complete the required election. The election can be made with your 2026 tax return.

After the election is made, the Treasury Department or its agent will send instructions to the person who made the election to authenticate and activate the child’s account.

Eligible children born between 2025 and 2028 may also qualify for a $1,000 federal contribution.

Have questions about your child’s account or eligibility? Call LLMA Accounting Services LLC at (947) 287-3214 for assistance.

Important: This information is for educational purposes only and is not tax or financial advice. Please consult a qualified tax professional about your individual situation.

09/23/2026

Healthy Michigan Plan Work Requirements Starting January 1, 2027

Starting January 1, 2027, some adults ages 19–64 enrolled in or applying for the Healthy Michigan Plan (HMP) will need to meet new work or approved activity requirements to receive or keep coverage. Some people may qualify for an exemption.

How Can You Meet the Requirement?

You can meet the requirement by either:

Earning at least $580 in one month through employment or self-employment, or
Completing at least 80 hours of approved activities in one month, such as work, an internship, volunteering, community service, high school/GED, college, or vocational programs.

You may combine activities to reach 80 hours.

The $580 amount is not a Medicaid income limit.

When Is It Checked?

If you are applying for HMP, you must meet the requirement during the month before you apply or the month you apply.

If you are already enrolled in HMP, the requirements will apply to renewals with dates on or after March 1, 2027. MDHHS will check your work or approved activities during each renewal period.

What Should You Do?

Starting January 1, 2027, the HMP application will ask about your approved activities or exemption status. MDHHS may request additional information if it cannot verify your eligibility.

Don’t panic if MDHHS asks you to verify your income or activities. This does not necessarily mean you are losing your coverage. Simply follow the instructions in the notice and provide the requested information by the deadline.

Keep your MI Bridges information up to date, report your activities and income, and respond promptly to any MDHHS notices.

Check your MI Bridges account for information about your coverage and communications from MDHHS.

Educational Information Only: This information is provided for educational and general informational purposes only. It is not legal, tax, or benefits advice, and you should not rely on it as a substitute for professional guidance. For advice about your specific situation, please consult a qualified tax professional or benefits specialist and verify current requirements with MDHHS.

09/17/2026

Federal Tax Withholding Estimator

The IRS Tax Withholding Estimator can help you check whether enough federal income tax is being taken out of your paycheck.

Before using it, have your most recent paystubs available. If you are married and plan to file jointly, you may also need your spouse’s paystubs. You may need your latest tax return and records of other income, such as self-employment or gig work, as well as information about deductions or credits.

The estimator asks about your income, filing situation, deductions, adjustments, and tax credits. It usually takes about 25 minutes to complete and does not require personal information such as your Social Security number, address, or bank account information.

It is a good idea to check your withholding every January or after a major life change, such as starting a new job, getting married, having a child, buying a home, or having a major change in income.

After completing the estimator, you can use the results to help prepare an updated Form W-4 for your employer.

Note: This post is for general educational purposes only. You should not rely only on this information when making tax or financial decisions. Tax situations can be different for each person, so always verify information with the IRS or a qualified tax professional.

07/21/2026

Reporting Digital Assets on a Tax Return

Digital assets include cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and other digital representations of value recorded on a cryptographically secured distributed ledger, such as a blockchain.

Generally, taxable digital asset transactions include:

Selling digital assets for U.S. dollars or another currency.
Exchanging one digital asset for another.
Using digital assets to purchase goods or services.
Receiving digital assets as payment for services performed.
Earning digital assets through mining, staking, or other reward programs.
Receiving digital assets through certain business activities.

Accurate recordkeeping is essential for IRS compliance. Taxpayers should maintain detailed records of every digital asset transaction, including:

Date of acquisition and date of disposition.
Type and quantity of the digital asset.
Cost basis and fair market value.
Amount received from the transaction.
Transaction fees.
Wallet addresses, exchange records, and transaction IDs.

Failure to accurately report digital asset transactions may result in additional tax, interest, penalties, or IRS enforcement actions. Taxpayers should carefully review all digital asset activities for the tax year and ensure that their federal tax returns are complete and accurate.

If you have questions about reporting digital assets or need assistance preparing your tax return, LLMA Accounting Services LLC can help. Our experienced professionals provide guidance on digital asset tax reporting, recordkeeping, and IRS compliance to help ensure your tax return is prepared accurately and in accordance with current tax laws. Contact LLMA Accounting Services LLC to discuss your tax situation and receive personalized assistance.

06/01/2026

Educator Expense Deduction

Are you an educator who purchased classroom supplies, books, computers, software, or other materials with your own money? You may qualify for an educator expense deduction. Contact LLMA Accounting Services LLC to learn more and see if you’re eligible.

At LLMA Accounting Services, I committed to delivering comprehensive financial solutions with a primary focus on Bookkeeping & Taxes. As a QuickBooks Certified ProAdvisor, licensed IRS Enrolled Agent (EA), and holder of a Master in Taxation (LL.M.)

05/23/2026

Did You Spend Money on Your Home?

If you recently upgraded your home with energy-efficient equipment or renewable energy systems, it may be worth checking whether your expenses qualify for a federal tax credit.

Questions to consider include:

* Did you replace windows or doors?
* Did you install a new HVAC system or heat pump?
* Did you add insulation?
* Did you install solar panels or battery storage?
* Did you complete a home energy audit?

Keeping receipts, manufacturer certifications, and installation records is important when claiming these credits on your taxes.

For more information about qualifying expenses, tax credits, and how these incentives may apply to your situation, consult with LLMA Accounting Services LLC.

05/19/2026

Should My Son or Daughter File Their Own Tax Return if They Are Under 24?

If your son or daughter is under 24 and earned income, they may still need to file a tax return. In many cases, parents can still claim them as a dependent if they are a full-time student and the parent provides more than half of their support.

Every tax situation is different, and filing incorrectly can delay refunds or credits. If you have questions about who should claim your child or whether they need to file taxes, contact LLMA Accounting Services LLC today for professional guidance.