Leading up to the election, there was much talk about tax on pension income in Michigan. You may be wondering what the politicians were talking about. On January 1, 2012, the Michigan law changed so that pension and retirement distributions (payments from an IRA, 401(k), 403(b), 457, pension plan, etc.) are taxed differently depending on […]
Archives for November 2014
Year End Tax Planning: Investments
As we approach the end of the year, we encourage you to begin thinking about tax planning for your investments. Here are a few topics to consider: Tax Rates for Investment Income: Capital gains on property held one year or less are taxed at an individual’s ordinary income tax rate. Capital gains on property held […]