Tax Attic

The World of Outlaws (WOO) Sprint Car circuit comes to Michigan once a year. It seems like they spend at least half of their year in the neighboring states of Indiana, Ohio, and Pennsylvania but Michigan racing fans get one chance to see the big hitters like Steve Kinser, Sammy Swindell, and Donny Schatz, without […]

Tax Attic

“How much tax will I pay if I give, say $5,000, to my son/daughter/grandchild?” is one of the more common questions we receive during the year. This question is usually the start of an interesting conversation in which we get to ask more questions. For example, first, has the taxpayer given gifts to that child […]

Tax Attic

The Michigan Chapter of the National Association of Tax Professionals holds its annual state-wide convention in May after the end of the tax season. Last week, one hundred and ten tax professionals made the trek for the convention to the Eagle Crest Marriott in Ypsilanti/Ann Arbor. It’s always interesting to talk to other preparers and […]

Tax Attic

One of the largest businesses in the world recently issued its 2012 financial data. It was an outstanding report but the stock market barely noticed. In its fiscal year beginning October 1, 2011 and ending September 30, 2012, it had revenues collected of just under 2.5 trillion dollars based on servicing 237 million clients. It […]

The answer to the question I’ve heard one hundred times

I have answered this question about one hundred times this last tax season and promised to write an article about it soon after April 15. The question concerned the differences between a Roth Individual Retirement Account (IRA) and a Traditional IRA. There has been much discussion about tax rates going up. My personal opinion is […]