Category: Personal Finance
8 Year End Tax Tips
With year-end fast approaching, it is essential to focus on key deadlines and financial strategies that may affect your tax position. Taking timely action on these matters can help you optimize deductions, minimize liabilities, and close the year on a...
How IRA Owners Can Donate to Charity in 2024
In 2024, owners of Individual Retirement Accounts (IRAs) have a great way to give back to their communities. If you’re 70½ or older, you can donate up to $105,000 directly from your IRA to a charity, under a Qualified Charitable...
GUEST AUTHOR: 2025 Retirement Update – New IRS Limits and SECURE 2.0 Provisions Taking Effect for Small Plans
The weather is getting colder, decorations are going up, and people are making travel plans across the country. It can only mean one thing…time to start planning for the 2025 tax year! The IRS recently announced the 2025 contribution limit...
IRS issues new guidance on cryptocurrency and digital assets
The IRS recently made several updates related to cryptocurrency and digital asset transactions which investors and digital asset owners should be aware of: Revenue Ruling 2023-14 There has been debate for some time about the treatment of staking activities. Some...
IRS clarifies RMD rules on inherited IRAs but tax implications loom
The IRS and Treasury Department issued final regulations reflecting updates from the SECURE Act and SECURE 2.0 Act affecting retirement plans, IRAs, and beneficiaries, addressing additional issues related to Required Minimum Distributions (RMDs) of inherited retirement accounts. Specifically, the IRS...
Appellate court expands excludable personal goodwill in divorce cases
A recent Florida appellate court decision will affect how personal goodwill is calculated in a divorce proceeding. Specifically, the case considered if in a marriage dissolution case, must the value of the personal goodwill of all physician-shareholders in a multi-member...
Recent ruling may increase estate values
In a recent unanimous decision, the U.S. Supreme Court held that life insurance proceeds received by a corporation to redeem a deceased shareholder’s stock increases the value of the corporation for estate tax value purposes, and does so without an...
Tax credits for new clean vehicles purchased in 2023 or after
Starting in 2023, if you begin using a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV), you could be eligible for a clean vehicle tax credit. At the point of sale, sellers must provide details about whether your...
SR Glossary: Lady bird deed
A lady bird deed, or enhanced life estate deed, is a type of life estate deed that lets the owner maintain control of a property until their death, when the property automatically transfers to a beneficiary without going through probate. ...
Find your unclaimed property at Michigan.gov
Michiganders are encouraged to conduct a simple search online to see if they have any lost or abandoned property, according to the Michigan Department of Treasury. The state-run database is updated multiple times throughout the year, so even if residents...