What’s important to you as you prepare to file? Your situation can make a big difference in the tax you pay and the paperwork you have to file. The IRS is trying to get you off to a good start this filing season by listing some of the issues the Agency believes are important to […]
Tax season is upon us and there are some real estate related updates that you don’t want to forget. Mortgage Insurance: As of today, for the 2022 tax year, private mortgage insurance (PMI) and mortgage insurance permiums (MIP) are no longer deductible. Previously, with the passage of the Further Consolidated Appropriations Act of 2020, you […]
There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that […]
The IRS is encouraging taxpayers to make sure they’re well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Here are some key items for taxpayers to know before they file next year. Changes to the […]
Home Office: Only Self-Employed Workers Qualify for Home Office Deductions TAX FACTS: To take a home office deduction, you must be self-employed and the home office must be used exclusively and regularly for your business and be your principal place of business, with few exceptions. If you receive a W-2 from your employer, you do […]
Every August the city’s Property Tax Assessor sends out an estimate of your home’s value and your proposed property taxes that will be due in November based on the assessed value. If you don’t agree with the assessed value you have the right to appeal: The property appraiser’s assessment of your property’s value. A denial […]
Balance sheets look different for owners who purchase property to rent than for owners who purchase property to develop and sell. Keep in mind that balance sheets can be as simple or as detailed as the owner wishes. The key is designing the balance sheet to provide and track any necessary information. Here is […]
There’s a lot to think about when selling a home – and one thing should be taxes. The buying and selling a home could be one of the largest transactions of your life, and as with any financial transaction, there’s a tax angle. If you know what your tax implication are as you go into […]
