Michigan Retirement Benefits – what’s taxable?

Here’s a ‘quick n dirty outline’:Anibal-Group-LLC-RealtyNetWorth-Senior_Services_mom-dad-time-to-sell-house

  • “…Retirees born before 1946 are not likely to see any change in the tax treatment of their benefits.
  • Retirees born during the years 1946 through 1952 will only be taxed on benefits that exceed $20,000/single filer or $40,000/joint filers.
  • Retirees born after 1952 will be taxed on all of their benefits until reaching age 67…”

More at


New Tax Law: Planning Now


Year-end tip: Your deductions may be worth more this year than next, consider advance paying some deductable expenses.



When to elect S-Corp status

Whats’ a ‘retroactive election’?

Anibal-Affiliates-RealtyNetWorth-ask-signMost small-business owners and even some tax preparers don’t realize that you can make a retroactive election to be an S-Corp for 2017 if you already have been operating as an LLC all year long. A tax accountant or CPA can help you with the procedure and make reference to the proper revenue procedures to include with your Form 2553. Many believe there is a hard and fast 75-day rule at the beginning of the year to make this election for all of 2017. This is certainly not the case. Talk to your CPA to follow the correct procedure to get a retroactive election accepted.

Year-end tip: Make a retroactive election for your LLC to have an S-Corp for all of 2017, and get your payroll allocation completed before year-end.


How to set up a corporation or LLC in Michigan?

When setting up a corporation in Michigan your initial consultation is ALWAYS free and we’ll discuss:

  1. Choose Corporate Name. …
  2. Appoint Registered Agent. …
  3. Set Up Corporate Books. …
  4. Prepare Corporate Bylaws. …
  5. Appoint Corporation Directors. …
  6. Hold First Board of Directors Meeting. …
  7. Issue Company Stock. …
  8. Taxation Related:
    • EIN: Your corporation must obtain a federal employer identification number (EIN).
    • S Corporation Filing: If the corporation wants to elect S corporation status for tax purposes, it must submit Form 2553 Election by a Small Business Corporation (signed by all the shareholders).
    • UIA
  9. Business Licenses: Local DBA’s as needed, etc.
  10. Don’t forget to: File Michigan Annual Report Requirements.

Long term care insurance – do I need it?

Well, after seeing a long time client use over $100,000 worth of LT care this year alone, you Anibal-Affiliates-RealtyNetWorth-Old+People+and+technologymay wish to visit this question closer. Fortunately, they had purchased LT care insurance.


3 Reasons People Retire Broke

An easy read Dave Ramsey article points out a couple key pointers.woman_piggy_bank_000009343524

  1. Zero % ROI brings in nothing, in fact, inflation will eat it alive. You must invest.
  2. Jumping in or letting panic make you jump out…well, we just hear a sermon on this today. Read all of Mark chapter 13, then realize that there will be ups and downs but don’t run about in sky is falling mode. I know, easier to understand and you get older (ps, I’m older).   http://biblehub.com/mark/13-7.htm
  3. Stupid Decisions. A good read is The Millionare Next Door. Those that stay the course don’t tend to make impulse buys. But on the flip side, if your investment has seen good appreciation, evaluate it for some profit taking. What does that mean ?

When clients accumulate more than one investment property, I show them how they compare against others they own. If they own only one, I’ll give regular feedback on others that are available and how they might compare (ROI). When I was in my 20’s, I was about to make about $10k on a flip that I had $3k into. Dad said, “so you’ll get this much out of it, then rent will stop, and what will you do with the $x’s ?” He’d been trained as a teacher


with an Economics masters degree so it was a straight forward question. I’ve used this approach each time I or a client has cleaned up a house. There are +’s and -‘s to a. selling, b. renting it out, c. ?….you get the idea. I prefer to get investors – and home owners as well – thinking more, jumping off cliffs of optimism less. At the same time, if your $50k house bought as a rental has now shot up to $120k in value and we can get that same rent from a another $75k house, well, I can lead you to water but I can’t make you drink.


  1. http://www.daveramsey.com/blog/reasons-people-retire-broke?ectid=10.34.637