taxes: What's going on in the housing market?
- 04/15/15 06:09 AM
What’s going on in the housing market?
What tax opportunities can homeowners take advantage of?
Get answers to these questions by listening to this week’s Ilyce Glink Show. You can click the audio link below to listen to the full show, or download the podcast via iTunes.
This week I talk to four guests: Svenja Gudell, the Senior Director of Economic Research at Zillow; Dan Goldstein, a real estate reporter for MarketWatch; Marisa Calderon, the Chief of Staff at NAHREP (National Association of Hispanic Real EstateProfessionals); and Peter Thomas Ricci, who works at Chicago Agent Magazine.
More About This Show
Negative Equity Rate Flattens: [4:47]Certain real estate market trends are putting a squeeze on middle and working class Americans. I talk to Svenja Gudell about what she’s … (2 comments)
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taxes: Divorce and Taxes
- 09/13/12 03:26 AM
Getting divorced is a stressful process. Besides the emotional hardship, you have to worry about dividing up your and your partner’s possessions, money and real estate.
In order to do this equally, it’s important to understand the underlying tax consequences of those assets.
Here are 3 assets that may cost hidden taxes:
1. Real estate with equity: Especially rental real estate, the depreciation will be recaptured when the property is sold at a 25 percent tax rate.
2. Savings bonds: In all likelihood, the interest on these bonds was never taxed.
3. Collections: Remember to keep records of the original costs … (5 comments)
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taxes: From Employee to Freelancer
- 08/23/12 01:26 AM
Everyone is looking to save money. Whether it be negotiating loan contracts or the cost of a house, a client will do their best to get the most bang for their buck.
Companies do the same thing, but some of their tactics could affect you in a negative way.
Many companies cut corners in order to save money. In order to do so, they look to hire contract workers as opposed to employees.
What changes if you go from an employee to a freelancer?
1. More cost: You will have to pay 7.65 percent self-employment taxes in addition to your … (5 comments)
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taxes: Money Management: Teaching Your Teens About Their Paystubs
- 06/27/12 02:20 AM
Do you have teens with jobs? Unfortunately, many young adults don’t know what the bottom of their paychecks mean. These deductions are taken from each paycheck your teen receives, and you can help them learn what each one means.
- IRS or Federal deductions, like Social Security, Medicare, and Federal Income Tax Withheld
- State deductions, like State Income Tax Withheld and State Disability Insurance
- Other deductions like union dues, reimbursements, health insurance, and retirement plans.
There are also 2 deductions that your teen should not see on his or her paystub: workers compensation and federal unemployment taxes. Help your … (4 comments)
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taxes: Estimated Tax Payments
- 05/30/12 02:47 AM
Should you be making estimated tax payments? If you fall into these 4 categories, you should be, according to tax expert Eva Rosenberg.
1. You are self-employed.
2. Your non-wage income is increasing (or expected to) in the current year.
3. Your stocks have done well.
4. You have gotten a healthy inheritance (or other windfall) with assets that produce income.
Making estimated tax payments can be tricky, from how much time you have to pay them to how to calculate how much you owe. Tax expert Eva Rosenberg suggests keeping handy the online version of IRS Publication 505, which is … (3 comments)
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taxes: File Your Taxes for Free
- 04/09/12 01:23 AM
On today's Equifax Finance Blog, tax expert Eva Rosenberg elaborates on a concept not usually approached by tax pros: should you pay a tax pro for your tax preparation or should you use a free service?
As you can imagine, the best reason to file your taxes for free is to save money. But will it end up costing you? Some software you believe is free end up charging you for certain services or you have to start over all over again on a different form.
3 ways to file your taxes for free:
In-person filing. Online commercial software. … (2 comments)
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taxes: Out-of-State Taxes You May Not Know You Had to File
- 02/15/12 03:35 AM
State tax laws are changing and not knowing could cost you. From tax expert Eva Rosenberg, today's Equifax Finance blog illustrates new state taxes for out-of-state taxes. No matter which state you live in and if they have changed their tax laws, you may still be affected. How?
Doing business. If you have worked or even done business in another state, you may need to file. Online shopping. This is the big shocker, some of your online shopping may need to be added to your state taxes if the site you're shopping with didn't originally add sales tax. How can you … (1 comments)
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taxes: Could You Benefit From the Savers Tax Credit?
- 09/29/11 07:30 AM
In a tough economy, it's even harder to save money. It's tempting to reduce your 401(k) contributions or to dip into a "rainy day fund" to cover basic expenses. If you and your family need incentives to save, check out Eva Rosenberg's post today on the Equifax personal finance blog. There, Eva outlines the IRS' saver's tax credit, a tax break up to $1,000 for individuals and families. The credit is designed to help people who aren't making the big bucks (under $27,750 for an individual, under $55,000 for married couples filing jointly) but who still contribute to their IRAs or … (4 comments)
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taxes: How 2012 Standard Mileage Rates Will Affect Your Business Car
- 09/06/11 06:00 AM
What do all the fluctuations in gas prices mean for you? Well, besides having to pay more at the pump, they also change the standard mileage rates you can deduct for business use of your car. Tax expert Eva Rosenberg has all the details on today's Equifax personal finance blog. Effect July 1, 2011, the IRS has increased the standard mileage rate to 55.5 cents per mile. That's up from 51 cents per mile previously. The rate for moving and medical mileage increase to 23.5 cents per mile from 19 cents while charitable mileage stays the same, at 14 cents.Did you … (5 comments)
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taxes: 5 Tax Lessons Learned from Filing Your 2010 Tax Return
- 04/20/11 05:34 AM
So this year's tax season is finally behind us. What did we learn? A lot as it turns out. It's getting harder and harder to find deductions as a homeowner, among other frustrations.
However, tax expert Eva Rosenberg shares some positive lessons on the Equifax Personal Finance Blog today. A quick sample of the secrets she's learned:
Sometimes it pays to file your tax returns late. The IRS often returns a higher percentage on a delayed refund than your bank or other investments. Do you know why? Don't chase the perfect return. File your taxes and move on. You can always … (2 comments)
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taxes: Want to Help a Young Couple with a Down Payment? Find Out How Much You Can Give Before the IRS Intervenes.
- 03/23/11 04:20 AM
Can any good deed go unpunished (by the IRS)? Find out how to help loved ones with a mortgage down payment, college tuition and other expenses without paying more than you planned.
Equifax Personal Finance Blog expert Eva Rosenberg explains what you can give, how often you can give it, and for how much, before being subjected to gift taxes.
There are certain gifts with no limits, depending on your method of payment. These include:
Education. As long as money is not paid directly to the student, there are ways to ensure tax-free contributions to a family member or friend's … (2 comments)
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taxes: Should You File Your 2011 Taxes Online?
- 02/16/11 02:28 AM
Which are the best tax-preparation websites and software to use?
So what's out there on the Internet? If you want to prepare your tax returns online, you have lots of options for free federal tax-preparation services. State tax returns are not included with these services. Check your state’s website to see if it offers free online filing.
Tax expert Eva Rosenberg looks at the three types of free, online tax services:
IRS Free File Fillable Forms. Go directly to the IRS website, set up a login for yourself, and file a tax return with these forms. Free File Alliance (FFA). … (3 comments)
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taxes: Filing Taxes 2011: Should I Do My Own Taxes?
- 02/09/11 02:23 AM
Every year, millions of Americans spend money to have a company or individual prepare their taxes. Many of them hand over the money and think "Could I be doing this myself?" According to my colleague and former CPA firm employee, Eva Rosenberg, the answer in many cases is "yes!" She says that the tax software has developed so that it provides enough guidance to help the average person file their returns. But are you the average person? When trying to determine whether you should do your own taxes, consider how many "special" factors you have in your life: Do you own a business? … (4 comments)
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taxes: 2010 Tax Relief: A Checklist of Tax Benefits For Your 2010 Tax Return
- 02/02/11 05:52 AM
All my Chicago and other Midwestern friends are hunkered down under piles of snow today. It's nice to spend the whole day in bunny slippers, but it's also a chance to get a jump on your taxes!
By now, the tax-software companies have had time to update their programs to reflect the last-minute changes brought about by the 2010 Tax Relief Act.
This means some changes to your return, and luckily Equifax blogger and tax expert Eva Rosenberg has broken down the tons of new information into a handy checklist. You're entitled to some new deductions this year, which could mean big … (1 comments)
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taxes: 6 Things You Can Do Now To Save Money On Your Tax Bill
- 01/26/11 06:27 AM
Don’t you wish that you could just push taxes to the back of your mind and deal with them at the end of the year? Actually, that’s exactly what most taxpayers do. Which is why they end up overpaying their share of the tax burden.
If you'd rather save that money, there are simple habits you can start now to reduce your year-end tax bill. My colleague and tax expert Eva Rosenberg has compiled a list of six easy (really!) tips you can work on right now. Be smart without being obsessive about your taxes, and you'll be surprised at what a difference … (4 comments)
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taxes: Aliens in America: Do Undocumented Workers File Tax Returns?
- 01/19/11 02:04 AM
Whatever your political beliefs, the mention of undocumented workers always generates an emotional reaction. However, the IRS has a pretty cool, straightforward attitude toward the subject.
As far as the IRS is concerned, there are only two kinds of aliens: resident aliens and nonresident aliens. Either way, if you earn income in the United States, you are expected to pay taxes on that income.It's a complicated subject in the eyes of many politicians, journalists, and voters, but the IRS has very clear rules about how undocumented workers should file their returns. If this article from tax expert Eva Rosenberg doesn’t apply to you, … (2 comments)
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taxes: Tax Issues For Parents: Coordinate With Your Kids
- 01/12/11 01:38 AM
Personal finance expert Eva Rosenberg has written an excellent blog on how to file taxes for children and dependents, including what to do in circumstances like divorce and newlywed dependents. Here's an excerpt, or click on the previous link for the full blog.
A woman I know told me she tried to e-file her tax return, only to have it rejected. Someone had already filed a tax return using her daughter’s Social Security number.No, it wasn’t an ex. Nor was it identity theft. It was nothing bad. Her sixteen-year-old daughter was Internet savvy. Having worked during the year, Sally had received … (4 comments)
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taxes: Reevaluate Payroll Withholding Tax for 2011
- 01/05/11 01:44 AM
January dawns all fresh and clean. All our financial errors, oversights, and misjudgments from last year can be swept away (though we may still have to pay for our ills…), and we get to start this year with a clean slate. What’s the best way to start off correctly when you’re an employee? Reevaluate your payroll withholding tax and update your Form W-4 with your payroll department early in the year. Spread your tax burden evenly throughout the year to avoid large balances due come April.
If you want to reevaluate your payroll withholdings, tax expert Eva Rosenberg has written an excellent … (2 comments)
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taxes: Year-End Tax Tips
- 12/22/10 01:40 AM
Right about now, you’re preoccupied with holiday parties, gift wrapping, Secret Santas, and where you’re going to spend your Christmas break, if you get one. The last thing you want to think about is taxes. So let’s make this as painless as possible. Tax expert Eva Rosenberg offers a checklist of things to do this week to save yourself a headache in April. Get all of this out of the way now, and enjoy your holiday season.First, use TurboTax’s TaxCaster or H&R Block’s Tax Estimator to find out if you will owe taxes next year. If you will owe taxes, there are a number … (0 comments)
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taxes: Tax Withholding Roulette: Plan Now to Save Money for April 18
- 12/15/10 01:04 AM
I recently heard about a man who’s been claiming “married with nine exemptions” all year. He needed the cash. He just submitted a change to single with 0 exemptions at the beginning of November to catch up. Is that a good idea? Uh….No!
Tax expert Eva Rosenberg explains why tax withholding roulette isn't such a good idea in the long run. Rosenberg says most companies require about ten to fifteen days to change your withholding status. The change you submit in November won’t become effective until December. Perhaps one or two payroll checks will reflect the higher withholding—not the four checks you … (2 comments)
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What’s going on in the housing market? 
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