As you probably know, your home mortgage interest deductions can save you a lot of money. What you may not know is that a recent court case and a new IRS rule create the possibility of double deductions for single taxpayers who co-own their homes and vacation properties. Want to learn how singles can hit doubles? Read my new article titled Tax Tips: Do New Rules Allow … [Read more...]
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4 year-end family tax-planning strategies
Planning on getting married? Congratulations! Planning on getting divorced? Congratulations! (if they’re in order.) Planning on giving money to family or friends? Congratulations to them and to you for your beneficence! The important point? When you take action and do these things you create very real tax consequences. We’ll tell you how to take advantage of four, … [Read more...]
How your family can earn you a tax deduction
The family is a great institution for many reasons. But don’t forget this one… You can use your family to slash your tax bill! That’s right. Your family can also be extremely useful from a tax standpoint. In fact, as we head towards 2015, it’s possible that some big family-related deductions are ripe for the picking – if you act by year’s end! Of course, if you want to … [Read more...]
Does getting married make sense?
You’ve found the love of your life and you’re ready to tie the knot. As a friend, I’m delighted for you. But as an accountant it’s my duty to warn you that getting married has serious tax implications. Want to learn how federal income taxes, estate taxes, and gift taxes will impact your new married status? Before you get hitched, don’t miss my new article titled Tax … [Read more...]
How an “innocent spouse” can avoid taxes
When a husband or wife cheats on taxes, guess who is liable for the unpaid taxes and penalties? The answer is that BOTH spouses are legally responsible. However, there is a ray of hope for the innocent party. Thanks to new guidance given by the IRS, it’s now easier for the non-cheating spouse to avoid financial responsibility. I hope your spouse is honest, but if there ever … [Read more...]