Rick Bloom's Corner

Tax Questions

  Dear Rick: I have a few tax questions that I hope you can help me with. First you should know I took your advice and went online for the free-file from the IRS. It is very easy to use and it really is free, so thank you. My first question deals with my tax […]

General Motors Layoff

  I am sure you’ve heard by now the disappointing news regarding layoffs at General Motors. Nearly 1,500 white-collar workers in our area will be permanently laid-off by General Motors. In addition, unfortunately, I believe that there will be additional layoffs in the not-so-distant future. You can argue all you want whether General Motors was […]

(Q & A) Life Insurance As An Investment

  Dear Rick: My wife and I have now been retired for over five years. When we first retired, we wrote to you about our situation. At the time, you said that since we were accumulating money, it made sense to use the extra money to pay off our mortgage and to do some Roth […]

When you Receive Monetary Gift or Bonus

  Dear Rick: My wife and I have now been retired for over five years. When we first retired, we wrote to you about our situation. At the time, you said that since we were accumulating money, it made sense to use the extra money to pay off our mortgage and to do some Roth […]

Organizing your Tax Records

There is no doubt the last week reminded us what winter is like in Michigan. Like most people with the cold weather, I was forced to stay home, and as opposed to watching TV, I took the opportunity to take care of some things around the house that have been piling up. I also took […]

  Dear Rick: I have a few questions I hope you can help me with. Last year I received a gift from my grandparents. It was $18,000. My first question is do I have to pay tax on the money? My next question deals with what I should do with the money. My financial situation […]

Bonus Spending

  It was just announced that Ford UAW workers are going to receive a $7,600 bonus- Congratulations- the bonus was well earned. Of course, whenever you receive a bonus, the big question is what should you do with the money? Unfortunately, most people will be thinking about whether they should buy a new phone or […]

  The other day I was grocery shopping at Meijer when I was approached by a woman with some questions. I thought I would share my conversation with you. The woman explained to me that she was a government employee on furlough and that because of the partial government shutdown she was getting to be […]

Filing your Tax Returns

  It’s just about tax time once again, so I thought I would run through a few thoughts about taxes that hopefully will help you during this season. The first issue you should always remember is that ultimately, you and I are responsible for our own tax returns. If we hire a tax preparer that […]

  Dear Rick: I would like to get an impartial second opinion from you. I have been divorced for about 15 years, and for the last 10 years my boyfriend and I have been renting a house together. We have become very close with the owner of the house and he’s offered to sell it […]

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