Category: Personal Finance
Request a copy of filed 1040 or 1040 transcript with these IRS forms
Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506). This request will provide an exact copy of what filed and the return...
There’s more than just taxes to consider when choosing a retirement location
If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans. While lists of the "best" places to retire and rankings based on how states tax retirees are plentiful, and can be...
Take five minutes to secure your tax return from identity theft
The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....
Delay RMDs by rolling IRAs and prior 401(k) balances into current employer’s plan
Transferring IRAs and former employer's 401(k) retirement plans into a current employer's 401(k) plan can offer a strategy for individuals facing required minimum distributions (RMDs) while still actively working. Once these retirement assets are rolled over into the current employer's...
SR Client Question: Can adding my child to our Michigan home’s title prevent the property tax value from uncapping when I pass?
If you add your child as a co-owner of real property, he or she won’t get a full step up in basis when it is sold after your passing. Also, there is a risk of re-assessment for real estate taxes...
Down market could be right time to convert IRA to Roth IRA
The recent market downturn has reduced the value of many IRA accounts, presenting a potential opportunity to convert IRAs into Roth IRAs. While converting, taxes will be owed on the converted IRA value, but with current lower asset values, the...
Understanding the key elements of the SECURE Act
The SECURE Act, signed into law recently, introduces significant changes impacting retirement and tax planning starting in 2020. Here are the key provisions affecting individuals: Repeal of Traditional IRA Age Limit: Individuals can now contribute to a traditional IRA regardless...
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...