Category: Personal Finance
SR Guest Author Justin Rush, CFP®: What to ask when choosing a financial planner
When searching for a financial planner, it’s not uncommon to meet with multiple firms prior to making a final decision. Different financial planners may have different opinions, philosophies, and personalities compared to one another. Without being immersed in this field, it...
Inheritance or gifts from foreign persons may require Form 3520 reporting
Although a gift or inheritance doesn’t generate any U.S. income tax reporting, it may generate other filing responsibilities for the recipient. As related to inheritances and gifts from foreign persons to a U.S. citizen or U.S. resident, Form 3520 (Annual...
Michigan state income tax rate decreasing by .20% in 2023 only
Michigan’s state income tax will decrease from 4.25% to 4.05% for one year, equating to a savings of approximately $50 for the average Michigan taxpayer. In 2015, Michigan enacted a law requiring a temporary reduction of the state income tax...
Tax-free rollover from 529 plans to Roth IRAs will be allowed starting in 2024
In December 2022, Congress passed the Consolidated Appropriations Act of 2023, an omnibus spending bill that includes the much-anticipated and long-awaited retirement bill known as SECURE Act 2.0. One of the provisions of SECURE Act 2.0 that has grabbed a disproportionate...
“Representative payee” can help Social Security or SSI recipient manage their benefits
[caption id="attachment_8264" align="alignright" width="300"] A senior woman with her daughter online purchasing together[/caption] Many Social Security recipients are capable of managing their own affairs, but not all can. If someone you love needs assistance with their federal government benefits, the...
Annual Michigan Individual Income Tax System Maintenance Begins on Thursday
FYI: Effective after 5 p.m. on Thursday, Dec. 8, the state Treasury Department will suspend processing state individual income tax refunds due to annual tax processing system upgrades required for the upcoming 2023 tax filing season. Individuals will be able...
‘Tis the season: Real estate gifts must be appraised
If your holiday list this year includes gifts of real estate, the gifts must be appraised and made at their current fair market value per the IRS. A detailed appraisal by a professional appraiser, who is thoroughly trained in the...
Guest Author Robert Steinberg of Blue Chip Partners: What you need to know about capital gains distributions
One of the most significant downsides of investing in mutual funds in non-retirement accounts is that they are required to make annual distributions of virtually all capital gains recognized during that year. This article highlights potential issues and steps that...
Check tax withholding amount now to prevent a big surprise in April
The Internal Revenue Service today urged taxpayers to check their tax withholding at Tax Withholding Estimator while there's time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such...
2023 retirement contribution limit increases announced
The IRS has announced new contribution limit increases fro both 401(k) and IRA retirement savings plans: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500,...