Category: Personal Finance
Where’s My Cancelled Check?
The Check Clearing for the 21st Century Act (Check 21 act), P.L. 108-100, was signed into law on October 28, 2003 and went into effect on October 28, 2004. For most consumers, this means that they now receive scanned images...
Social Security to resume benefits statement mailings
If you missed opening the mailbox to see your future estimated payments from the SSA, take heart--the paper statements, a victim of budget cuts several years ago, are reappearing soon! Starting this September, the Social Security Administration (SSA) will resume...
SR Client Question: Can scholarship money awarded to my child be taxed?
Recently, we have been working with a client with a child who received Scholarships and Grants for college in excess of their qualified tuition and fees. Great news for Mom and Dad, right!? Yes, but unbeknownst to the client, this...
Below-market loans must adhere to IRS regulations
There are tax planning opportunities that are available for many common family situations, and below-market loans made by family to family could be one of them. The tax laws generally require that all loans must include a charge for a...
Details of new myRA retirement savings vehicle revealed
Following up on announcement made by President Barack Obama in his annual State of the Union speech in January, the White House has released details of a new retirement savings account to be made available to employees through their employers....
Apply online for IRS tax installment plan
You can avoid unnecessary penalties and interest by paying your taxes in full and on time. If you can't meet this important obligation, the IRS would like to help you or your authorized representative (Power of Attorney) apply for an...
Holiday shoppers, don’t forget the Use tax!
Reminder! If you make purchases online or via catalogs from out-of-state vendors, you may be responsible for Use tax! With holiday shopping in full swing, remember use tax is due on any purchases made where the seller did not collect...
IRA Required Minimum Distributions after Death
If you have an IRA, there comes a time when you will have to take required minimum distributions (RMD). You must start taking a RMD on April 1 after you turn 70 ½. The IRS has tables to determine the...
SR Client Question: What should I consider when I begin estate planning?
Initiating the estate planning process is a big step, one too many people avoid for too long. Regardless of your assets or life stage, everyone should undergo an end-of-life planning exercise, primarily through creation of an estate or trust. Customizing...
Guest Author Mike Coury, Ph.D.: How do you Evaluate an Assisted Living Community?
Michael J. (“Mike”) Coury, Ph.D. is a Placement Counselor and Owner with Assisted Transition of Southeast Oakland County Michigan. Mike holds a doctorate in Sociology from Boston University. He has been trained in understanding human needs and behaviors. In addition,...