Real estate is taxed in two ways: 1) Annual property taxes, 2) Capital gains tax when the property is sold. Upon a homeowner’s death, there may be significant ramifications to both types of taxes.........
Uniforms are a commonly misused and abused tax deduction. The IRS says work clothes are only deductible as “uniforms” if they are not suitable for everyday wear. So does your work attire qualify as a “uniform” for tax purposes?
This article is a follow up on our posting two months’ ago as the IRS has released some updates on taxes as it relates to same-sex marriages. Click here to view the previous article that includes initial DOMA (Defense Of Marriage Act) guidelines. Then read below to learn about the IRS’ most recent release on same-sex marriages.………
Clients often ask us how much money they can give to others without facing gift taxes. See below for a detailed explanation of how you can avoid paying Uncle Sam for these gifts.........
On June 26, 2013, the Supreme Court made some changes to the Defense of Marriage Act (DOMA). The decision has several tax implications for those affected. Read below for more.........
We are often asked the age limit on claiming a child as a dependent. To be claimed as your dependent, an individual must meet the qualifying child test OR the qualifying relative test. While the child's age is a factor in the qualifying child test, it is not in the qualifying relative test.........
Federal Housing Administration (FHA) loans are generally used for home buyers who don’t have the 20% down payment that is usually required to obtain a conventional home loan. Because FHA loans allow for less than 20% down payment (as little as 3.5% down), these loans require mortgage insurance. This insurance protects lenders and the FHA against losses due to foreclosures, short sales, etc. But a very high number of distressed sales causes problems for the FHA. What does this mean for home buyers and those refinancing through FHA loans?.........