Category: Personal Finance
Make the most of your non-cash donations this holiday season
Many New Year resolutions involve clearing unwanted items out of the house. Here are five tips taxpayers should consider when making non-cash donations in an effort to keep your New Year Resolution: Assess Item Condition: Ensure items like clothing and...
Department of Treasury reminds Michiganders that Principal Residence Exemption doesn’t expire
The Michigan Department of Treasury is reminding Michiganders that a Principal Residence Exemption – known as a PRE – does not expire. Inaccurate posts being shared on social media are claiming that Michigan taxpayers will experience a surge in property...
Guest Author Jim Niedzinski, CFP®, AIF®: The Benefits of Donor-Advised Funds
Jim Niedzinski, Wealth Advisor from Planning Alternatives, shares how to save taxes on charitable donations and make giving easier with a donor-advised fund. Jim Niedzinski, CFP®, AIF® , Wealth Advisor at Planning Alternatives, discusses the benefits of Donor-Advised Funds Jim Niedzinski is in his 20th year as a wealth...
Explaining the taxability of professional athletes
Nonresident professional athletes must use the "duty days" method to determine their Michigan income tax obligations. Personal Service Income Income tax is calculated by multiplying the athlete's personal service income by a fraction. The numerator is the total Michigan duty...
SR Client Question: Are concierge medicine expenses FSA-eligible?
Concierge medicine, a highly attentive approach to healthcare, is gaining popularity. Patients pay additional fees for personalized care and enhanced access to their doctors. With fewer patients, doctors are more available for consultations, offering a refreshing alternative to brief appointments...
Tax Reform Planning Series: Take advantage of the new child tax credit
Before the Tax Cuts and Jobs Act (TCJA), the child tax credit was $1,000 per qualifying child, but it was reduced for married couples filing jointly by $50 for every $1,000 (or part of $1,000) by which their Adjusted Gross...
Tax Reform Planning Series: Maximize home mortgage interest deductions
Before the Tax Cuts and Jobs Act (TCJA), taxpayers could deduct interest paid on up to $1 million ($500,000 if married filing separately) of home acquisition debt (debt used to buy or substantially improve a first or second home). Also,...
Tax Reform Planning Series: New standard deduction versus itemized deductions
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000....
Tax Reform Planning Series: Take advantage of lower tax rates and investment gains
Under the Tax Cuts and Jobs Act (TCJA), 2018 ordinary tax rates are generally lower than those for 2017. For example, the top rate has been reduced from 39.6% to 37%. (The remaining six rates are 10%, 12%, 22%, 24%,...
The tax consequences of student loan forgiveness
When it comes to student loan forgiveness, there are four income-based student loan repayment options to choose from. They are: Pay As You Earn (PAYE) Revised Pay As You Earn (REPAYE) Income Based Repayment (IBR) Income Contingent Repayment (ICR)...