CulverGroup CPAs & Business Advisors

As many of you know, Culver CPA Group has undergone some exciting changes in the past 6 months. Our new name, new logo, and overall new look have helped us create a brand that more accurately reflects our business. You can still expect the same great service and financial advice that you've come to know for the last 30+ years, along with a dedicated and experienced staff who has your best interests in mind. ... Read More

It has become convenient for Congress to pass temporary tax laws which apply for one, two or maybe five years, then, the old rules apply again. There were many of these provisions set to expire in 2010, some of which Congress extended for two more years. These extensions included the lower long-term capital gains and qualified dividends tax rates of 0% and 15%, now set to increase to 10% and 20% in 2013. Also, some of the energy tax credits which expired have been revised and extended under rules similar to those we saw three and four years ago. (Not as generous as the rules we had for the last two years.) The website www.energystar.gov offers excellent information on the revised energy credits and eligibility requirements. ... Read More

Michigan has made very significant changes in 2011, effective for 2012 and later years. These changes are affecting many of us, and there are a few opportunities most of us should consider using in December 2011 as these will expire January 1st, 2012. We have written before about Michigan’s 50% tax credit for the first $200 ($400 for married filing joint) donated to each of three categories of charities. This means you could receive up to a $100 ($200 for married filing joint) discount on your Michigan income tax bill for each of the three categories. (Total potential tax savings is $600 for a married couple filing joint.) If you would like to take advantage of them, this is the last year you may do so. Here are the categories of charities for which contributions are eligible for this credit. ... Read More

Tax professionals are not all created equal. They come with dramatic differences in their knowledge and experience, in their desk-side manner, and especially in their aggressiveness.  ... Read More

If you are frustrated because your income has disallowed you from converting your Traditional IRA to a Roth IRA, there is a special opportunity for you in 2010. We recommend you take advantage of this as early as possible in 2010 if converting to a Roth IRA is part of your retirement income strategy. Waiting until the end of the year may cost more in taxes than an early conversion.  ... Read More

They Finally Did It! - Last Thursday Congress finally acted to address many tax issues we have been waiting for them to ‘fix’. Although this will help us answer your questions about what tax rates we expect for 2011 and 2012, as well as whether they were going to extend some temporary provisions that expired and were not available for 2010, we really cannot get too excited. We don’t see any of these changes that last more than two years. This means we are less than two years away from another year of uncertainty regarding tax rates.  ... Read More

 You may have used the 10% tax credit up to $500 ($200 for windows) offered in 2006 and 2007 for qualified energy saving improvements to your home. Congress has renewed and expanded this credit providing a real incentive to make some energy saving improvements in 2009 and 2010. As the commercials on TV state, the credit has been expanded to 30% of the cost of these improvements up to $1,500. Now some of the projects you put off before are worth getting finished before the end of 2010. Let’s look at some of the specifics: ... Read More