As the year draws to a close, we would like to remind retirees to make Required Minimum Distributions (RMDs) from retirement plans. RMDs must be made before December 31st. RMD rules apply to all employer sponsored retirement plans, including profit sharing plans, 401(k) plans, 403(b) plans, 457(b) plans, Roth 401(k)s, traditional IRAs, and IRA based […]
Taxable Pension Benefits in Michigan
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 […]
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 […]
Vehicle Donations to Charitable Organizations
Are you preparing to donate a vehicle to a charitable organization for a tax deduction? Here is some basic information on what you need to know: Select a charity that is a 501(c)(3) organization Determine the value of your vehicle The maximum amount you can deduct is the fair market value. A used car guide […]
College Tax Credits
The IRS recently released a reminder that now is a good time for parents and students to check and see what college tax credits they might be eligible for in the 2014 calendar year. There are two college tax credits: the American Opportunity Credit and the Lifetime Learning Credit. American Opportunity Credit: Maximum credit is […]
GK Interns – Where are they now? (Part 2)
Over the past few years, Geenen & Kolean has had several interns during tax season. We thought it would be fun to catch up with a couple former interns to see where they are now. Jenni Laarman was our Tax Intern from January 2013 to April 2013. She worked at Geenen & Kolean as a Staff […]
My Social Security Account
Did you know that you can get information on your Social Security benefits right from their website? Social Security has created a website where you can create an individual account. Within your account, you have access to do a variety of things. If you currently receive Social Security benefits, you can use your online account to: […]
GK Interns – Where Are They Now?
Over the past few years, Geenen & Kolean has had several interns during tax season. We thought it would be fun to catch up with a couple former interns and see where they are now. Sara Little was our intern from January 2011 to August 2012. She is a 2012 Hope College graduate. Let’s spend a […]
Welcome Mitch Green
We are pleased to announce that Mitch Green has joined our firm as a staff accountant. Mitch completed an internship with us during the 2014 tax season and graduated from Hope College in May. Mitch is a great addition to our team!
SIMPLE IRA Plan Checklist
A SIMPLE IRA is a great way for small employers to contribute towards their employees’ and their own retirement savings. Many small employers choose to offer a SIMPLE IRA because it is easy to set up and operate. To help employers stay in compliance with SIMPLE IRA rules, the IRS recently released an updated SIMPLE […]