As 2016 draws to a close, there is still time to reduce your 2016 tax bill and plan ahead for 2017. We’ve compiled a list of tax-saving opportunities and wanted to share them with you now. The full article can be viewed here – 2016 Tax Planning Considerations for Individuals. Here are some highlights: Annual […]
2017 Social Security Administration Update
In October, the Social Security Administration announced several important Social Security updates for 2017. The updates impact both people collecting Social Security benefits as well as those currently paying Social Security and Medicare taxes. These updates take effect January 1st, 2017. Below are a few of the key updates. Cost-of-Living Adjustment – The Cost-of-Living Adjustment […]
Happy Thanksgiving From Geenen & Kolean
New Form W-2 Filing Deadline
Last week the IRS issued IR-2016-143 reminding employers that the filing deadline for Form W-2’s has changed. The Protecting Americans from Tax Hikes (PATH) Act, which was enacted last December, changes the employer filing deadline to January 31. In the past, employers had until the end of February or end of March, to send in […]
Cybersecurity Tips
Did you know October is National Cyber Security Awareness Month? The Department of Homeland Security notes this is an annual campaign to raise awareness about cybersecurity. We live in a world that is more connected than ever before. The Internet touches almost all aspects of everyone’s daily life, whether we realize it or not. Here […]
Welcome Kelly Dykema
In September, Kelly Dykema joined our team of professionals full time. She had completed an internship with us earlier this year. Kelly graduated from Hope College in May of 2016, and has recently passed the CPA exam. She enjoys assisting our clients with Quickbooks, and preparing tax returns. In her free time, Kelly enjoys spending […]
New IRS Guidelines on IRA Rollovers
The IRS recently published Revenue Procedure 2016-47. This revenue procedure makes it easier for individuals to qualify for a waiver when they miss the 60-day limit for an IRA rollover. If you take a distribution from an IRA, you can classify it as a rollover if you deposit the money back into an IRA within […]
Potential Tax Impact of Selling Your Home
Millions of people make the big decision to sell their home each year. According to realtor.org, 5,250,000 existing homes were sold in 2015. Like other major life decisions, the sale of your house has potential tax implications. Selling your house will result in a gain or a loss. The gain or loss is the difference […]
IRS Notices – What You Should Know
The IRS recently published Summertime Tax Tip 2016-05. This article provides taxpayers with some helpful tips on what they should know about the millions of letters the IRS send out every year. The letters are used to communicate with taxpayers about errors and changes to tax returns. A common reason for a letter is omitting […]
The Star of Saugatuck
We recently closed the office early, and enjoyed an afternoon in Saugatuck. We started out by taking a ride on the Star of Saugatuck, a paddleboat that takes you on a tour of the Kalamazoo River and out into Lake Michigan. We had perfect weather, and our captain was very informative. Following the boat ride, […]