Useful tax tips and information from Jerry Coon of Action Tax Service.
Prayer never hurts, on the course or in the office Jerry Coon, Enrolled Agent I attend church services at Rockford Reformed Church. My minister is Reverend Richard (Rick) Tigchon. I like Rick. His sermons are Bible-based, understandable, and very down to earth. He also likes fishing, which just happens to be one of the sports that I enjoy. In fact, I would say that [...]
Five steps to financial security The income tax business is one of eternal learning. If it’s possible to keep your brain young by always learning, tax professionals’ brains should never get old—tired, maybe, but not old. Jerry Coon, Enrolled Agent Tax laws change constantly, both at the federal level and at the Michigan level. We get e-mail newsletters from a [...]
Jerry Coon, Enrolled Agent Taxable Social Security income There are few items on a tax return that are more confusing or more difficult to explain to taxpayers than that of taxable Social Security. Prior to the late 1980s, Social Security was not taxable. Tax-free income is the best deaa still too good of a deal, because the law was changed to tax up to 85% of gross [...]
Non-taxable fringe benefit disappearing Jerry Coon, Enrolled Agent A non-taxable fringe benefit that appears to be disappearing is the employer-provided vehicle. This type of fringe benefit is called a Working Condition Fringe. It is non-taxable to the employee, because the expense is a deductible business expense whether the employee or the employer is paying for the [...]
Jerry Coon, Enrolled Agent Healthcare providers declare profits, increase rates You wonder what the thought process is sometimes when you read a headline like we read last week. One of the largest health insurers in California, Anthem Blue Cross, a subsidiary of Indianapolis’ Wellpoint Inc., declared record profits on one hand and then on the other hand announced it was [...]