Category: Personal Finance
Client Question: When Should I Start Taking Social Security?
When you have been working for a long time, you generally start looking forward to retirement. You know you are eligible for Social Security benefits, and you have been thinking about when you should start taking the income you have...
Five Scams Making Suckers Out of Homeowners
Recently, I read an article titled “Five Scams Making Suckers Out of Homeowners”, which reminds us that tough times make many otherwise smart people vulnerable to "too good to be true” programs offering a ray of hope to homeowners. ...
Top 10 Overlooked Tax Deductions
In this Kiplinger’s Personal Finance article, the IRS indicated that millions of taxpayers overpay their taxes every year by overlooking just one of the money-savers tax deductions listed below: State Sales Tax Reinvested Dividends Charitable Deductions Student Loan Interest Paid...
Tax Tips for the Self-Employed
There are many types of benefits that come from being your own boss. When working for yourself, as an independent contractor, or carrying on a trade or business as a sole proprietor, you are generally considered to be self-employed. Here...
529 Plan Basics
“I don’t remember growing older. When did they?” As the words from Fiddler on the Roof imply, before you know it the children are grown and they are planning to head off to college. Are you ready for the financial...
One great “take away” from the NBA lockout…
The NBA returns on Christmas, but it leaves a good lesson for all of us. Imagine you are the ex-wife of an NBA player. As you (and he) faced the prospect of a locked-out season and reduced or total elimination...
New Term In Michigan Income Tax – “Total Household Resources”
The term “Total Household Resources” was created by the Michigan legislature in the Michigan Tax Reform MBT repeal and Replacement Act which takes effect January 1, 2012. Under the old law there was a computation called “Total Household Income” that...
2012 Retirement Income Taxable in Michigan
In 2012, the Michigan Individual Income Tax is changing. Prior to 2012, all public retirement income was exclude from Michigan taxable income tax, and up to $45,120 for single and $90,240 for married of non-public retirement income was excluded from...
Personal income tax year end reminders: 2011 Federal and Michigan tax credits—last chance!
Federal tax credits for energy improvements to your home are still available; however, this is the final year. The total credits you may have taken in prior years (since 2005) will be a limiting factor so you need to get...
2012 brings changes for Michigan retirees
Attention Michigan retirees (or any Michigan resident receiving IRA or pension distributions): Beginning in 2012 the state of Michigan will begin its newly restructured tax program. This includes the taxation of pension and IRA income for some (not all) recipients...