Useful tax tips and information from Jerry Coon of Action Tax Service.
Jerry Coon The Earned Income Tax Credit (EITC) is one of the largest refundable credit programs administered by the Internal Revenue Service (IRS). In 2011, 27 million taxpayers claimed 62 billion dollars of EITC via their income tax returns equating to an average of approximately $2,200 per claim. The IRS estimates that four out of five taxpayers qualifying for the [...]
Jerry Coon Mercifully, Congress wrapped up making changes to the 2012 tax return tax week when they passed the American Taxpayer Relief Act of 2012. Everything seems to be a struggle in Washington. At least, it seems to have been that way for all of my life and before. I’m only 60 but I’m pretty confident in saying the struggles didn’t start the day I was born. For [...]
Jerry Coon The end of the year is always interesting to tax professionals like me. We get to talk with many people and discuss a variety of tax situations. If the truth be told, however, most taxpayers don’t have to do anything special at the end of the year. For those taxpayers who don’t itemize, the timing of when a deduction is made is not important. There is no [...]
Jerry Coon Lame duck session As an income tax professional, I have seen both the federal Congress and the Michigan Legislature make last minute changes to the tax system. In fact they have gotten very adept at making this type of change. Lame duck changes come after the November election and before those elected take their newly-won positions in January. These late [...]
Jerry Coon Recently, I was asked to participate in a new program at Rockford High School coordinated by Sarah Young, one of the school’s counselors. The ACT Prep program involved a variety of area people, sixteen in total, sitting on panels each talking to juniors about his/her life and professional experiences. The panels were grouped by separate career interests. For [...]