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AIM Financial

Taxes, Bookkeeping, and Mortgages Made Simple. 75 + years of experience in Taxes and Payroll.

08/25/2026

When owners provide funds to their businesses, proper classification matters. Depending on the facts and circumstances, an advance may be classified as debt or an equity contribution under U.S. Generally Accepted Accounting Principles (GAAP). Relevant considerations include the intent to repay, the terms of the advance and the business’s ability to repay. How an advance is treated in tax filings and other records may provide additional evidence about the parties’ intentions. Clear documentation from the start can help support the appropriate treatment and related disclosures. Call us at (616) 855-3300 for help classifying and reporting shareholder advances.

08/24/2026

Tax law changes have created new planning opportunities for 2026. A review of your expected income and expenses for the year, along with any significant life changes, may uncover strategies to reduce your taxes. Start the conversation before year-end for more time to take tax-saving steps. And if you extended your 2025 return, we can help you file before the Oct. 15 deadline. Call us at (616) 855-3300 to schedule an appointment.

08/20/2026

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college. But the AOTC is phased out for married joint filers with modified adjusted gross income between $160,000 and $180,000 (between $80,000 and $90,000 for heads of households). If your child has a tax-advantaged education account, such as a 529 plan, tax-free withdrawals can be taken to pay qualified expenses. But expenses paid with tax-free withdrawals can’t be used to claim the AOTC. Call us at (616) 855-3300 to discuss these and other tax tips for your situation.

08/19/2026

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with low or no income taxes. Relocating a trust may offer a tax advantage if the trust is an irrevocable nongrantor trust, accumulates (rather than distributes) substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. Call us at (616) 855-3300 for more information.

08/18/2026

Barcodes aren’t just for tracking inventory. They can also be used to keep tabs on other business property, such as laptops, equipment and tools. When paired with asset-tracking software, barcodes can show where these assets are, who’s using them and when they need maintenance. This information can strengthen internal controls and allow you to identify missing or underused items, investigate losses and plan future spending. Integration with accounting software helps keep the fixed asset register and general ledger up to date. Call us at (616) 855-3300 for guidance on improving your asset-tracking process and choosing a solution that fits your operations and accounting needs.

08/17/2026

IRS penalties can add up quickly. Fortunately, some taxpayers may qualify for penalty relief. There are three main types of relief: 1) first-time penalty abatement for taxpayers with a strong compliance history, 2) reasonable cause relief for situations such as serious illness or natural disasters, and 3) statutory exceptions. These exceptions generally apply to penalties resulting from erroneous written IRS advice or to taxpayers affected by certain federally declared disasters or involved in military combat-zone operations. If the IRS has assessed a penalty on your account, contact us at (616) 855-3300. We can help determine whether you qualify for penalty relief.

08/13/2026

Mutual funds offer an easy way to invest in a diversified portfolio. But the tax treatment isn’t so simple. One challenge is that certain mutual fund transactions are treated as sales even though they might not seem like it. Another is that determining your tax basis for shares sold can be complicated, especially if you dispose of only part of your interest in the fund and the shares were acquired at different times for different prices. Also, mutual fund capital gains distributions are generally taxable, even when reinvested in the fund. If you have questions about the tax treatment of mutual funds, contact us at (616) 855-3300. We can help you be a tax-smart mutual fund investor.

08/12/2026

The 40% generation-skipping transfer (GST) tax generally applies to transfers made to people two generations or more below you, like your grandchildren. And it applies on top of any gift or estate tax due. The good news is that a large GST tax exemption is available: $15 million for 2026. So most taxpayers don’t need to worry about the GST tax. But if you have a large estate, you can allocate your GST tax exemption to contributions to a dynasty trust and allow assets to skip several generations of taxation. Contact us at (616) 855-3300 to learn more.

08/11/2026

Capital investments might be on your radar as you consider year-end tax strategies or begin developing your 2027 budget. You may identify several promising opportunities, such as buying equipment, upgrading technology or launching a new product. Which projects do you have the cash flow, financing and staffing capacity to pursue today — and which ones can wait? A comprehensive financial analysis can enable you to make the best use of available resources. We can help you develop realistic financial projections and evaluate alternatives with capital budgeting tools, such as payback period, net present value and internal rate of return. Contact us at (616) 855-3300 for guidance on making smarter investment decisions.

08/10/2026

If you have a traditional pension and are approaching retirement, get ready to make some decisions! Pension plans usually give retirees a choice between receiving payouts as a lump sum or an annuity. A lump-sum distribution allows you to invest the money as you see fit. Annuity payments can provide guaranteed income for life. Call us at (616) 855-3300 to discuss the costs, risks and advantages of each option.

Address

3738 28th Street SE
Grand Rapids, MI
49512

Opening Hours

Monday	10am - 6pm
Tuesday	10am - 6pm
Wednesday	10am - 6pm
Thursday	10am - 6pm
Friday	10am - 6pm
Saturday	9am - 2pm

Website

https://www.aimfinancial.com/

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