Category: Personal Finance

Tax credits for new clean vehicles purchased in 2023 or after

If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you information about...

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...

Income Tax Credit for Working Families Checks will be Sent in Early 2024

Michigan families will receive Michigan Earned Income Tax Credit (Michigan EITC) for Working Families checks ahead of schedule, beginning February 13, 2024. The administration is taking steps to send the checks to more than 700,000 Michigan households, putting an average...

Managing tax implications for professional athletes

Professional athletes can have unique income and expense circumstances to consider when tax filing season comes.  These typically high-income individuals must be extremely mindful of the tax implications associated with their careers. Doing so will not only help them maximize...

Potential Private Retirement Benefit Information notices sent by SSA

Recently, the Social Security Administration (SSA) mailed notices to social security filers about Potential Private Retirement Benefit Information.  It is a reminder about private employer retirement benefits that may have been earned, also called "deferred vested benefits". The Internal Revenue...

Social Security wage base, COLA set for 2024

Seniors got some welcome news this week, when the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024. COLA, which is based on the consumer...

Department of Defense offers free tax filing resources for military members

Active military service can make tax filing challenging, especially if the service member is deployed or on an intensive training mission. MilTax is a Department of Defense program designed to lessen the burden on service members by offering free tax return...

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...