taxes: Tax Day Tips - 04/15/10 08:45 AM
If you've been putting off your taxes or still gathering information to prepare them accurately, today is the day to file or extend. Just remember, if you request an extension, you MUST mail a check for your estimated tax balance. Many people are confused by extensions. The IRS only grants extensions … (1 comments)
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taxes: 10 Awesome Home Deductions - 01/06/09 08:06 PM
Yes, it's time again - TAX TIME. When you are getting your materials ready for your CPA, remember the following and be sure to bring all of the related paperwork so you can see if you qualify for these 10 "Awesome" Home Deductions.
1. Home acquisition mortgage loan fees. If you … (0 comments)
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taxes: Last Minute Tax Planning ... A look the other direction - 12/31/08 02:05 PM
Do you expect to have more taxable income in 2008 or 2009?
It's one of the first question I ask people who ask me for last minute tax advice.
When most people think of tax planning the last week of December (or the last day!), it's all about finding last minute … (0 comments)
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taxes: Two Days Left to Donate and Deduct in 2008 - 12/30/08 09:04 AM
Not sure what to do today? Today and tomorrow are great days to clean house and figure out what you can give to those who are less fortunate.
Of course, an ancillary benefit is the wonderful tax deduction.And here are my quick tips:
1. Prepare a detailed list of the items your are … (2 comments)
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taxes: IRS Helps First Time (and almost first time) Home Buyers - 06/23/08 09:18 AM
The IRS offers a little talked about exception to the 10% penalty on early withdrawns from IRAs to help first time home buyers (which the IRS defines loosely as anyone who hasn't owned a primary residence in two years) use IRA funds without penalty. Of course, the regular tax would still apply, but … (1 comments)
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taxes: Donate, donate, donate - deduct, deduct, deduct - 12/01/07 05:48 PM
December is a great month to clean house and figure out what you can give to those who are less fortunate.
Of course, an ancillary benefit is the wonderful tax deduction.And here are my quick tips:
1. Prepare a detailed list of the items your are donating. Ask the charity to sign your … (7 comments)
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taxes: Did you buy a house in 2007? - 12/01/07 05:38 PM
Be sure to ask your Realtor for a copy of your Settlement Statement if you can't find yours.
There are usually deductible expenses such as points, interest and taxes that may or may not appear on your year-end tax statements. Be sure to take a copy of this statement to your … (4 comments)
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taxes: Quick Tip About Nondeductible Mello Roos - 11/10/07 11:16 AM
I blogged a while ago about Mello Roos not generally being deductible.
http://activerain.com/blogsview/214072/Are-Mellos-Roos-Taxes
I received several questions and wanted to remind people that any Mello Roos that you pay that is NOT deductible would be a cost that you can ADD to your basis, which could eventually reduce any taxable gain.
As always, … (6 comments)
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taxes: Q&A: Will work for rent ... is that taxable? - 10/30/07 07:16 PM
Yes and I can't think of any exceptions.
For the landlord: If your tenant performs a service (painting, gardening, repairs, etc.) in lieu of paying all or a portion of the rent, you should include the amount you would have received in rent in your rental income. Of course, you can … (1 comments)
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taxes: Tax Deductible Clothing - Absolutely! - 10/24/07 06:54 PM
As always, check with your tax advisor, but I like to deduct my clothing and extend my marketing.
Generally speaking, clothing we use for work is not deductible. However, add a logo and presto - clothing AND the dry cleaning for those items is a deductible business expense.
I don't think I'll … (11 comments)
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taxes: 2007 Income Tax Calculator - 10/15/07 11:08 AM
I ran across this really cool tool yesterday that I thought I'd share ...
It's a calculator that estimates your 2007 Income Tax based on the information you provide.
Check it out at:
http://www.dinkytown.net/java/Tax1040.html
Of course, like any "tool", it does not replace the expertise of your tax advisor. Please consult with your tax advisor … (5 comments)
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taxes: Even if you filed an extension, you may still have a "Failure to Pay" Penalty! - 10/14/07 10:56 AM
Procrastinators beware ... the final deadline is approaching!
Just a reminder to everyone who may have filed an automatic 6 month extension for their personal returns ... YOUR TAX RETURN IS DUE TOMORROW! Here's a brief overview of the penalties of filing and/or paying late:
Failure to File Penalty
The failure to file penalty … (7 comments)
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taxes: Can REALTORS® deduct expenses for their home office? - 10/09/07 08:24 PM
And my usually answer is ... MAYBE. The rules are tough. You can easily and unknowingly violate a rule.
Here is a discussion of the 2 major rules:
1. You Must Use Your Home Office Both Regularly and Exclusively for Business
Almost always, the area needs to be a separate room in … (14 comments)
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taxes: Yes, credit card interest may be deductible ... - 10/09/07 07:27 PM
As a rule, credit card interest is not deductible. But many business owners and investors who are struggling with cash flow, use their credit cards and pay interest to tide them over tough financial times. Hopefully, this is a last resort!
Nevertheless, IF you paid credit card interest (or even interest on a different … (2 comments)
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taxes: Don't time the market - but DO time your sale - 10/07/07 10:55 AM
That's right - market timing is like gambling. Even the expects can't get it right. However, TAX TIMING is an art and a science and if done correctly, can save you tens of thousands in capital gains taxes.
TAX TIMING is using the IRS limits on excludable gain to time your … (3 comments)
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taxes: Are points deductible - a brief overview: - 10/07/07 10:27 AM
Here's a brief summary I share with our clients from the IRS. As always, it's not intended to be tax advice and there's more to it and more rules to consider. Please consult with your tax advisor.
You can deduct the points in full in the year they are paid, if all … (6 comments)
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taxes: Save up to $100,000 a year in taxes for 2 years ... an aggressive tax strategy - 10/05/07 05:22 PM
Seriously!
I know it sounds like a bad three a.m. infomercial ... but it's actually true for some people. Plus, it's easy, tax-free and involves no work. But, who are the some people you ask?
Let's say you have a piece of investment property that has appreciated over the last 5 - … (4 comments)
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taxes: Is interest paid on home equity debt deductible? - Part 2 - 09/27/07 10:32 AM
The follow up question on this topic is typically ... what about on a refinance.
Typically (which again means - check with your tax advisor for the rest of the rules) interest paid on refinance home acquisition debt is deductible up to the amount of the balance of the old mortgage principal just before … (2 comments)
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taxes: Is interest on home equity debt deductible? - Part 1 - 09/27/07 10:26 AM
As with most tax questions ... the answer is "it depends". The area of tax law regarding the deductibility of interest and points is very complicated and you must contact your tax advisor for proper treatment - especially in the year of sale.
As a rule, if you took out a loan … (3 comments)
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taxes: Are Mellos Roos "Taxes" Deductible? - 09/23/07 05:36 PM
While they "sound" deductible, they often are not. If you own or are considering buying a home with Mello Roos, be sure to contact your Mello Roos District and ask them specifically what the assessment covers. If questioned, you must prove that the tax is deductible. Better to be safe than … (2 comments)
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