In my previous post, I mentioned how good Michigan retirees had it prior to 2012. Prior to 2012, most Michigan retiree income was exempt from Michigan Income tax. That changes in 2012, and here is the explanation. Remember, I mentioned that the impact depends on when you were born, and how old you are. Michigan [...]
As many people know, beginning in 2012, Retirees will be taxed differently. Last year, Michigan’s new Governor, Rick Snyder, signed into law legislation that is designed to generate more jobs in the state. He effectively reduced the tax burden on many small businesses located in Michigan, and shifted it to other groups. One group that [...]
New Lease Accounting Rules are Coming There are new Lease Accounting Rules coming soon. Many Small Businesses lease many of their assets because instead of owning an asset, they can rent it and get the same economic benefit in a cheaper manner. So if the accounting rules are changing soon, what does this mean, and [...]
If you’ve done (or are doing) your taxes for 2010, you know that there is a “Making Work Pay” Refundable Tax credit toward the bottom of the second page of the 1040. For W-2 Employees, the amount of the credit is usually either $400 (for single) or $800 (for Married filing Joint). You may know, [...]
A few weeks ago, a wealth management adviser pointed out a potential tax break available to Retirees in Michigan. Before I tell you how, I first have a digression. I’ve noticed that from an income tax perspective, Michigan is very kind to retirees. Michigan does not tax Social Security Income, Pension Income (from defined benefit [...]
Since we are in the early stage of completing 2010 income tax returns, you may want to be aware of a few tax breaks that expired in 2010. Congress was in a rush in December to complete the 2010 budget and tax bill, and it did address and extend many favorable tax provisions from 2009, [...]
If you are over 70 1/2, here is how to use your Traditional IRA to save tax, and help your favorite charity: Required Minimum Distributions: If you have a Traditional IRA and you are over 70 1/2, you are required to take required minimum distributions every year. (Having said that, 2009 was a one time [...]
The first tax tip you should remember every year is to Organize Your Records. This tip comes to us from the blog ForsthoefelFinance.com. He wrote it for last tax year, but it is just as applicable every year. Tax Tip #1: Organize Your Records for Your Tax Preparer According to this blog: Before you visit [...]
The 2010 Middle Class Tax Relief Act was passed a few weeks ago after the President indicated he’d be willing to sign on to extending the tax rates in effect for 2009, into 2010 and 2011. In exchange for his support, Congress agreed to extend unemployment benefits for the next 13 months. I am studying [...]
Not even the President or Congress knows the Nation’s 2010 Tax Policy. As you may be aware, there is a Lame Duck session of Congress and that session will determine tax policy for 2010. It is amazing to me that Congress is so irresponsible as to not deal with budgets and tax policy for 2010 [...]
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