When it comes time to sell your timeshare, you may not make a lot of money. In fact, in this tough economy your timeshare may actually be sold at a loss. If that’s the unhappy situation you face, you’ll need to know if you can deduct that loss come tax time. As is often the case with the tax law, the rules are pretty tricky. Which is why I urge you to read my brand new … [Read more...]
Watch out for tax-preparation firms’ illegal commissions
Does your tax-preparation firm seek a commission based on how big a refund they can get for you on an amended tax return? If that’s what they propose, turn around, walk out the door, and start running! You see, Treasury Regulations make it illegal to charge a contingent fee for amended returns. To get the whole story on how to spot this tax-preparation scam, don’t miss my … [Read more...]
How to choose the right retirement plan
You may not be retiring for many years, but now is the time to ask yourself a vitally important question… “Which retirement plan makes the best sense for me?” The problem is, there are so many alternatives, you may be confused about which plan design to choose. Should you go with a 401(k)? A profit sharing plan? A defined benefit plan? A SEP or SIMPLE IRA? If you’re … [Read more...]
How your 401(k) can help you avoid Social Security penalties
In the lingo of Social Security, “full retirement age” is the age at which you’re entitled to get full or unreduced retirement benefits. Currently, that age is sixty-six. But what happens if you start drawing Social Security benefits before you reach full retirement age? If you do, you could lose a lot of money. Luckily your 401(k) can help you salvage some of the … [Read more...]
Important news about the home-office deduction
When you do your taxes, do you claim the home-office deduction? If the answer is “yes,” and you’re not claiming depreciation as part of that deduction, you could be making a big mistake. Oh, sure. It’s perfectly legal to take a pass on the depreciation, but why do that? If you don’t claim depreciation, you’re probably losing after-tax cash! If you want to learn which … [Read more...]