Useful tax tips and information from Jerry Coon of Action Tax Service.
Jerry Coon “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 previously in the year? Second, is the taxpayer [...]
Jerry Coon 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 compare notes regarding [...]
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 spent forty-eight cents to collect $100 of [...]
Jerry Coon 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 that unless our federal [...]
Jerry Coon For tax professionals, the week after the end of tax season is a time of reflection. We try to analyze what went wrong during the season and celebrate what went right. To some extent, this was a particularly trying season. It’s easy to blame things on the federal government but this time, it really was the federal government’s fault, Congress in particular. [...]