Michigan Tax Help & Tips
Michigan’s Economic Maze and Your Taxes
All of us have either been directly or indirectly impacted by the economy in Michigan. Many of our clients have called us throughout the past year to discuss strategies for dealing with the effects. Most of these issues involve one or more of the following issues:
- Loss of employment
- Loss of home
- Tax implications of cashing out 401(k), 403(b) or IRA monies
- Starting a new business (usually because of job loss, job frustration or financial opportunity)
- Impact of providing family or friends with financial assistance
- Debt recovery strategies
- State income tax increase from 3.9% to 4.35%
Developing strategies for dealing with these issues is a matter of being informed before taking action. Over the past year several clients developed strategies without getting the appropriate information beforehand. In some cases their actions resulted in their paying $7,000 to $26,000 in taxes that they would not have paid if they contacted us before acting.
If you, a family member or friend is being impacted by any of these issues, please feel free to call and ask us questions about the tax implications before taking any significant action.