5 Things to do Now in Michigan to Take Advantage of the Proposed Tax Bill

By the time I finish writing this post, it may already be obsolete.  First, the new proposed tax bills could die like the proposed healthcare bill from earlier in the year and never make it anywhere.  Second, there are currently two proposals (The House Proposal and The Senate Proposal) and there is a good chance …

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Taxes on Social Security in Michigan

If you earned $50,000 per year in a 35 year career, you would have paid around $110,000 in social security taxes. Also, let’s not forget that your employer would have paid the same amount of taxes on your behalf, which means that there would have been nearly $220,000 paid in social security taxes throughout your …

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A Michigan Tax Break You May Not Know About (Until it’s Gone)

Can I interest you in warm sunny winters, white sandy beaches and not having to pick up a shovel anymore?  Oh, and how about not having to pay Michigan state income taxes on your retirement income?  That sounds like a nice break from the cold, snowy, potholed and high-taxed Michigan winter.  So, for those of …

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Could the Trump tax proposal actually hurt Michigan retirees?

At first glance, the GOP tax proposal that was released should be a huge benefit to retirees here in Michigan.  Probably the biggest reveal that came from the announcement is that the standard deduction will be nearly doubled.  Here are the highlights:   Currently, the standard deduction for a single individual is $6,350 and $12,700 …

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