Category: Personal Finance
“Snowbirds” may want to establish residency in their low-tax Florida winter destination
Florida's sunny winter climate is not its only attraction for retirees from chilly northern climates; Florida is also one of only nine states without an income tax. For "snowbirds" who summer in a high-tax state up north, there is a...
“Staked” cryptocurrency value may no longer be taxed as income
A recent settlement offered to taxpayers who filed a suit against the IRS may indicate a change in how staked cryptocurrencies are taxed. Previously, staking income was thought of, and treated similar to, interest income. Many crypto exchanges were handling it...
Students and parents should know the taxability rules of scholarships and grants
If you or your student receive a scholarship, a fellowship grant, or other grant, all or part of the amounts you receive may be tax-free, but there are parts that may not qualify and should be included as part of...
2021 federal tax season dates announced; expect delays
The 2021 tax filing season will begin on Monday, January 24, 2022, and run through April 18, 2022. However, taxpayers are warned that between the ongoing pandemic and a lack of resources at the Internal Revenue Service, returns could be slow...
New increase in Personal Property Tax exemption effective for 2023 filings
House Bill 5351, approved by Michigan Governor Gretchen Whitmer on December 23, 2021, amends MCL 211.9o to increase the combined true cash value limit for personal property in a local unit from $80,000 to $180,000. The changes do not take effect...
SR Client Question: Do I need to pay tax on the sale of an asset paid out over many years in the year it’s sold or as I collect the installments?
Installment payments made on an asset, such as a stock sale payout stretched over many years, or a mortgage held by the seller, can spread the tax owed by the seller on the income generated over the years the installments...
Reporting guidelines for cryptocurrency, digital assets change under Infrastructure Bill
Although not slated to take effect until January 2024, cryptocurrency investors and other digital asset holders should be aware of new reporting requirements spelled out in the recently signed $1.2 trillion Infrastructure Investment and Jobs Act: Form 1099-B Reporting Requirements: Cryptocurrency...
SR Client Portal now requires multi-factor authentication (MFA) for added security
ShindelRock clients who log in to the SR Client Portal will now see additional layers of security protecting their accounts, with the launch of multi-factor authentication (MFA) and reCAPTCHA. MFA and reCAPTCHA add a layer of protection to the sign-in...
401(k) Contribution Limit increased to $20,500 in 2022
Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. The limit on annual contributions to an IRA remains unchanged at $6,000. The...
What to do first when your identity is stolen
The Federal Trade Commission has a new resource to help people whose identity is stolen, to report the theft and begin the restoration process at IdentityTheft.gov. In addition to engaging in the FTC process, we recommend the following basic first steps:...