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Trust Accounts & Taxation

A suggestion: put assets in trust, with a trustee (possibly you) to administer and manage the trust’s assets. Trusts have many features and variations: e.g., they can be established before or after you die. If you set up a trust now and make it irrevocable, the assets...

Review Options for a Flexible Spending Plan

Consult your CPA about ways to save money. Does your employer offer an FSA or cafeteria plan for medical expenses not covered by insurance? FSAs let employees pay some health-care expenses with pre-tax compensation dollars. The tax savings can be substantial. FSAs may...

Car Buying Season! 2011 Tax Credits

Taxes Wired For Electric Vehicles As the weather begins to break, many think about updating their vehicles. The hype over the Volt, Leaf and other plug in vehicles will only intensify as new technology develops. The government is helping with generous tax credits,...

Michigan Governor’s Plan to Eliminate MBT

Governor Rick Snyder offers a plan to eliminate the MBT This is “must read” information. MICHIGAN CORPORATE INCOME TAX ACT Act XX of 2011 AN ACT to meet deficiencies in state funds by providing for the imposition, levy, computation, collection, assessment,...

2010 – Confusion over the Estate Tax

So far, Congress has been unable to decide on the rules for 2010 estate tax. At the moment, the 2010 estate landscape looks like this: There’s no estate tax regardless of the size of the estate. $1.3 million of assets (plus $3 million for assets transferred to a...
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