Useful tax tips and information from Jerry Coon of Action Tax Service.
Jerry Coon Last week, I discussed financing the cost of college education through the Direct Loan program. Another manner of paying for the cost of education is through the usage of Section 529 College Savings Tuition Plans. There is no question that 529 plans, if sufficiently funded, can be used to pay for almost all of the costs associated with education. So, what [...]
Jerry Coon Last week was a good week for the Coon and the Cunningham families. Stephanie, our oldest daughter, and her husband, Devon Cunningham, had a baby boy, Rowan James, on Tuesday, the 11th. For both sets of proud grand-parents, Rowan is our first grandchild. The little fella might get spoiled just a bit. Since Stephanie and Devon live in Grand Rapids and Jim lives [...]
Jerry Coon Contrary to Governor Snyder’s seemingly best efforts, the cost of college tuition continues to sky rocket. The ways to finance that cost are familiar to all of us, i.e. scholarships, grants, and loans. In my book, scholarships and grants that aren’t required to be paid back are the very best method of paying for college. Of course, those scholarships and [...]
Jerry Coon 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 travelling out-of-state, when they visit I-96 [...]
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 [...]