Category: Personal Finance
Social Security beneficiaries to receive 5.9% increase for 2022
On October 13, 2021, the Social Security Administration (SSA) announced that in 2022, benefits will increase by 5.9%. In addition, the Social Security wage base will increase from $142,800 to $147,000. This change reflects the largest cost of living adjustment...
Taxpayers should obtain Identity Protection PIN each year for tax filing security
In an effort to provide enhanced security to federal income taxpayers, the IRS is offering a voluntary, opt-in Identity Protection (IP) program for taxpayers. The PIN is a six-digit number known only to the taxpayer and the IRS and prevents someone else...
What to do if you’ve earned more than the yearly Social Security limit in the months before you retire
Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year...
SR Client Question: How do I handle taxes for my Health Savings Account (HSA)?
If you have a high deductible health insurance plan (HDHP), then you qualify to make contributions to an HSA up to the maximum limit for the year. Many times, an employer will also fund some of an HSA as well,...
Michigan’s popular MESP 529 program adds app
The Michigan Department of Treasury announced the launch of READYSAVE 529, a new education savings mobile app available to Michigan Education Savings Program (MESP) account owners. The app provides a convenient way to access information, track progress and make contributions....
New online portal for opting out of advance Child Tax Credit payments
The IRS has opened an online site to enable taxpayers to unenroll from receiving advance payments of the 2021 child tax credit (CTC). The new “Child Tax Credit Update Portal” allows parents to view their eligibility, view their expected CTC...
Michigan unclaimed property reports are due soon
Michigan unclaimed property reports are due to be filed by July 1, 2021 for any property that reached its dormancy period by March 31, 2021. Most types of property have a three-year dormancy period, but there are others. This manual...
Taxpayers won’t need to refile to get new $10,200 unemployment tax break in 2020
The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free. The American Rescue Plan, which was signed into law by President Joe...
State of Michigan will extend filing deadline to May 17 to match federal extension
The Michigan Department of Treasury will be extending the state tax filing deadline to match with the recently adjusted federal income tax deadline now set for May 17, 2021. Because the extension is limited to the 2020 taxes, first quarter...
IRS postpones April 15 tax filing deadline to May 17
The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The postponement applies only to individual taxpayers, who can postpone their federal income tax...