Kroon & Mitchell

Our top tax and investment strategists, Phil Mitchell, CPA, CFA and Robert 'Bo' Roper, CPA have written a post outlining everything you need to know about the federal tax bill that was passed last week, read it here:

Taxing Social Security Benefits: What You Need to Know About the Latest Changes Understand the latest changes to the tax code.

Shelley Irwin, Thanks for having me on this morning to talk about the new tax code changes. Phil Mitchell, CFA, CPA . Tune into Wgvu Morning Show with Shelley Irwin to hear the interview.

FOX 17 spoke with our President Phil Mitchell in response to the market drops today. The bottom line: don't panic but understand your risk. Watch the full interview here:

Market volatility hits global markets: What does it mean for West Michigan? A sharp decline in Japan's financial trading index Monday morning sent shockwaves through global markets, with the U.S. preparing for the worst.

Our senior tax manager, Robert Roper, drafted (3) key points for individuals and (2) key points for businesses as they consider how legislative changes in Michigan are going to impact their 2023 taxes.
Read the article here: https://kroonandmitchell.com/michigan-tax-changes-2023/

Michigan individual and business income tax updates for 2023 Senior Tax Manager, Robert Roper talks 2023 tax planning.

Thanks to AARP for talking with our own Phillip Mitchell about saving for retirement.

"Sole proprietors have several tools to choose from when it comes to building financial security for retirement, from pooled and solo 401(k)s to a variety of individual retirement account (IRA) options. Choosing the right one for you can be complex, and recent legislation affecting retirement savings plans has brought some changes.

“It’s like a strategy game, and you’re trying to really determine what makes best sense for you based on your situation,” says Phillip Mitchell, a certified public accountant (CPA) and chartered financial analyst in Grand Rapids, Michigan."

How to Save for Retirement as a Sole Proprietor Are you your own boss? Help yourself build a nest egg with accounts tailored for the self-employed

Our own Robert Roper commented on this Yahoo Finance article about how you may see a smaller return on your taxes this year:

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"Is It Bad To Receive a Smaller Tax Refund?
The short answer is no, even if many taxpayers do enjoy receiving a windfall of money from the IRS.

Robert Roper, CPA and senior tax manager at Kroon & Mitchell, Tax & Investments, said the IRS has tried to reduce refunds by matching wage withholding more accurately with your taxes. In working with numerous clients who already received refunds, Roper said they now owe tax as their typical withholding has dropped.

Roper, who has worked to update the W-4 withholding forms for clients to include additional withholding, recommends not allowing yourself to be caught off guard by your potential tax liability in the future.

“I would stress more than ever checking your withholding in 2023 to make sure you aren’t surprised at the end of the next tax year,” said Roper."

Read the full article here:

Phillip Mitchell

Many Americans Don’t Expect a Tax Refund This Year — Here Are 4 Reasons Everyone’s Might Be Smaller Tax Day, for many Americans, has long been associated with receiving refunds. However, findings in the GOBankingRates' 2023 Taxes Survey indicated that many Americans do not expect a tax refund this...

Thanks to CNBC for interviewing our own Phil Mitchell for their article: “These mutual funds are planning to hit investors with capital gains distributions. How to decide the right move for you”

Here is an excerpt from the CNBC Article:

“It’s also important to know how long you have held the asset before you sell it so you know if you’ll be paying the steeper short-term capital gains tax or the long-term one, said certified public accountant Philip Mitchell, president at Kroon & Mitchell Asset Management in Grand Rapids, Michigan.

Then there is the additional net investment income tax of 3.8% for those married filing jointly with income above $250,000 or those single making $200,000, he said.

Read more on our website here: https://kroonandmitchell.com/cnbc-mutual-funds/

Nice work Megan Grand Rapids Metrology & Todd
SecurAlarm, LLC .

As a follow up to our 529 contest last year we're excited to share that Dave Rilett was our winner. We helped him start a Michigan Education Savings Program 529 account for his first grandchild who was born this past spring. With college getting more and more expensive it's important to start saving as soon as possible. Even just $10 per month adds up over 18 years. Congrats Dave on winning our $500 contest and on the birth of your grandchild!

Learn more here: https://kroonandmitchell.com/529-2/

Risk is an important factor in investing, but during years of turbulence it should become a larger consideration in determining investment strategy. Many factors play into what level of risk you may consider reasonable. Read more in this article from GRBJ where Phil Mitchell discusses tips for investing in a volatile market: grbj.com/opinion/guest-column/three-tips-for-investing-in-a-volatile-market/

Three tips for investing in a volatile market - Grand Rapids Business Journal Over the past 10 years, the U.S. market has held relatively strong with a steady upward trend.