Category: Personal Finance
2012 brings increased limits on retirement contributions
Effective for the year 2012 the Internal Revenue Service has raise the amounts that can be contributed to retirement accounts: Type of Retirement Plan 2011 Contribution Limit 2012 Contribution Limit Increase in Contribution 401(k), 403(b) and 457(b) $16,500 $17,000 $500...
Michigan Sales Tax to Rise to 7%?
A joint resolution introduced Oct. 18 in the Michigan Senate proposes to amend Article IX, Section 8 of the Michigan Constitution in order to increase the sales tax rate by 1%, to 7%, beginning January 1, 2012. The resolution further...
From the Minutia File: Tax deductions that straddle the New Year
Our clients give generously to charitable organizations throughout the year, but not suprisingly a looming tax year-end deadline sends many pens flying to checkbooks in late December. Straddling the tax years presents some question of in which year a deduction...
Use tax planning to help pay for college
Planning for college is rarely an easy task. Although many parents begin funding dedicated college savings vehicles in advance, sometimes a tuition-paying strategy is developed only when the kids are already choosing schools. Fortunately, there are options for late-stage college...
Seven Tax Tips for Recently Married Taxpayers
With the summer wedding season in full swing, the Internal Revenue Service advises the soon-to-be married and the just-married to review their changing tax status. If you recently got married or are planning a wedding, the last thing on your...
Cancellation of debt: could you be taxed on it?
In today’s troubled economic times, cancellation of debt situations are on the rise. The big elephant in the room that a lot of people who help in these situations do not want to talk about is that this cancellation of...