Category: Personal Finance
AICPA explains Fiscal Cliff in plain English in Dec. 18 webinar
The AICPA | PFP Division presents: The Fiscal Cliff: What It Means for You in Plain English Speakers:Michael Goodman, CPA/PFSTed Sarenski, CPA/PFS The “fiscal cliff” is the combination of tax increases and spending cuts scheduled to take effect on Jan....
SR Client Question: What is the “Fiscal Cliff”?
The term “fiscal cliff” has been all over the news lately. But what does it really mean? The fiscal cliff refers to a group of pending tax law changes and the effect it will have on the average household. For...
Taxpayers May Contribute up to $17,500 to their 401(k) plans in 2013
The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. In general, many of the pension plan limitations will change for 2013 because the increase in...
Self-Employed can now deduct Medicare premiums
The IRS has reversed its long standing position on self-employed individuals being able to deduct Medicare Premiums from self-employment income. Prior to 2010 you could not deduct these premiums as health insurance in arriving at self-employment income. IRS chief counsel...
Reminder: The Mortgage Debt Relief Act of 2007 is set to Expire December 31, 2012
The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude up to $2 million of forgiven debt on their principal residence in calendar years 2007 through 2012 as long as the discharge of debt is directly related to a...
Frankly, my dear, you should consider long-term care insurance
When creating an estate plan, you should consider the risk of someday losing control over your physical or mental faculties. Advances in medical science mean that many people are living longer. However, with that extended life span comes the real...
IRS Audit Red Flags: The Dirty Dozen
As recently reported by Kipplingers, here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. Making too much money Failing to report all taxable income Taking large charitable deductions Claiming the...
SR Client Question: What Moving Costs are Deductible?
If you are moving to start a new job or even the same job at a new job location, the following are some tax tips on expenses you may be able to deduct on your tax return. 1. Expenses must be...
Tips for Making Charitable Donations
Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. 1. Tax-exempt status. Contributions must be made to qualified charitable organizations to be deductible....
Eight Tax Tips for Selling a Home
For those who have sold or are about to sell their home, if you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. The...