How the 2018 Tax Changes will Impact Michigan Retirees and Planning Tips

Over Christmas I spent some time with my brother in-law in New York City.  Over a couple $13 beers, New York is ridiculously expensive, we started talking about a home that he was considering buying.  The home didn’t look a whole lot different than my house here in Michigan.  About the same square footage, slightly …

Continue reading How the 2018 Tax Changes will Impact Michigan Retirees and Planning Tips

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 …

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

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 …

Continue reading Taxes on Social Security in Michigan

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 …

Continue reading Could the Trump tax proposal actually hurt Michigan retirees?