Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Tuesday, August 01, 2006

Vacation Homes Come With Tax Benefits
Tax breaks can make owning a vacation home more affordable. If you’re looking to claim the most tax breaks possible, you need to carefully track the amount of time you and your family spend at your vacation home. According to the Michigan Association of CPAs, there are three basic scenarios of vacation home use and a different tax treatment applies to each....-MORE-

Back To School Basics: How To Qualify For The Hope And Lifetime Learning Credits
If you have a student heading off to college, you’ll want to do some homework to see if you qualify for the Hope credit or the Lifetime Learning credit. According to the Michigan Association of CPAs, these two education tax credits can help defray education expenses for you and your family. And because a tax credit is subtracted dollar-for-dollar from the taxes owed, it's more favorable than a tax deduction, which simply reduces the total income on which your tax is based. For example, if your tax bill is $2,000 and you qualify for a $1,000 education credit, you can cut your tax bill in half....-MORE-

Estate Planning Terms You Need To Know
The first step in planning for what will happen to your assets when you die is mastering some key estate planning terminology and concepts. Here, the Michigan Association of CPAs offers a brief explanation of some of the most frequently used estate planning terms....-MORE-

Understanding Estate Taxes And How They Can Affect You
If you want to leave more of your assets to your beneficiaries rather than Uncle Sam, it’s wise to start thinking about estate planning and estate taxes as soon as possible. Don’t make the mistake of assuming that estate planning is a task only for the wealthy. CPAs point out that with more individuals setting aside retirement and other savings earlier in life, they are likely to have larger estates that may potentially be subject to estate taxes. And this can be costly. For 2006, the maximum federal estate tax rate is 46 percent. To help you assess your potential estate tax liability, the Michigan Association of CPAs, provides the following information....-MORE-


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