» Tax Planning
What is the Michigan State Real Estate Transfer Tax (SRETT) Refund Rule?
April 20th, 2022
In Michigan, certain homeowners are eligible for a refund of the state real estate transfer tax (SRETT) when they sell their homes. Many homeowners are unaware of the availability of the SRETT refund, which means that they could be leaving hundreds o…
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Update: Proposed Changes to Estate Tax Laws
April 29th, 2021
Benjamin Franklin famously said, “In this world, nothing can be said to be certain except death and taxes.” The saying is true as far as it goes. But where death and taxes meet, change seems to happen with every administration, and not always for…
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What Does Biden’s Tax Plan Mean for Step-Up in Basis?
February 23rd, 2021
During the 2020 presidential campaign, media coverage of the candidates’ tax plans was largely limited to income tax, most notably Joe Biden’s assurances that families earning less than $400,000 annually would not see their income tax increase. B…
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Categories: Tax Planning
Take a Number: Important Tax and Retirement Planning Numbers for 2021
January 27th, 2021
As you are probably aware, the Internal Revenue announces cost-of-living-adjustments (COLA) each year that increase the amount of certain tax deductions, thresholds, exclusions exemptions, and change contribution limits for retirement planning. If yo…
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Prepaid Tuition or 529 College Savings Plan: Which is Best?
September 21st, 2020
In the late 1970s, a student at a private college paid the modern equivalent of $17,680 per year to attend a private college. If that student went to a public college, total costs were just $8,250 per year. Fast forward 30 years, and those costs had…
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Seven Year-End Tax Planning Tips for 2019
December 18th, 2019
There are only a handful of days left in 2019, and while you may want to spend them making merry, you should devote at least a little time to brightening your tax picture for next year. When April rolls around (as it will, and sooner than you think),…
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Five Really Major Dangers of Required Minimum Distributions
June 18th, 2019
If you have an Individual Retirement Account (IRA), you are probably familiar with the term Required Minimum Distribution (RMD). Most people know they have to take RMDs starting at a given age, but they may be a little fuzzy on the details—and that…
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The SECURE Act and Other Changes to Federal Tax Law on the Horizon
April 18th, 2019
Like most Americans, you have probably just breathed a sigh of relief that the tax season is over and your taxes (hopefully) are filed. Thinking ahead to changes in tax law for 2019 and beyond is likely the last thing you want to do right now, but pl…
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Categories: Tax Planning
2018 End of Year Tax Planning Tips
November 28th, 2018
Every year, as we prepare to turn the calendar page to December, it’s a good idea to think about what we can do before the end of the year to minimize taxes. This year, with the Tax Cuts and Jobs Act (TCJA) having taken effect on January 1, it&…
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Benefits of Having a 529 Plan
September 25th, 2018
You have probably heard of so-called “529 plans,” even if you haven’t looked into getting one. If you have children or grandchildren whose education is important to you, though, you may want to investigate 529 plans to help ensure t…
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