by Paula Kennedy, EA | Dec 1, 2020 | Tax
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property to cash in on depreciation tax savers. You may find benefits from the Section 179 depreciation tax deduction for...
by Paula Kennedy, EA | Nov 18, 2020 | Tax
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing...
by Paula Kennedy, EA | Nov 18, 2020 | Tax
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is the interest you earn on EE...
by Paula Kennedy, EA | Nov 18, 2020 | COVID-19
The Unemployment Insurance Agency (UIA) provided guidance to workers and employers who may be affected by the new shutdown on November 18th. Reopening Unemployment Claims Michiganders who were on unemployment, went back to work, and are now temporarily unemployed...
by Paula Kennedy, EA | Nov 17, 2020 | Tax
Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If the income is paid directly to you by your employer, it’s taxable to...
