taxes: 11 money moves you must make by year-end or face a tax hit - 12/16/14 04:34 AM
1. Taxing matters If you’re paying estimated taxes, now would be a good time to review your payments, especially if you had a big change in income from the prior year, said Paula Nangle, a certified financial planner with Marshall Financial Group in a Doylestown, Penn. Estimated tax includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. What do you need to pay? Either 90% of the tax to be shown on your 2014 tax return or 100% of the tax shown on your 2013 tax return. And, if you figure your payments … (1 comments)

taxes: Thinking of Buying in Today's Market - Pros and Cons - 07/26/14 11:25 PM
 

Home ownership is part of the American Dream, and the pride of owning your own home is surely one of the intangible benefits you’ll receive when you make this big commit­ment. In addition, home own­ership provides several other advantages, including:
Tax breaks
When you own a home, you can take several deductions on your income tax. These deductions vary depending on your situation, but often you can write off all or part of the mortgage interest, real estate taxes paid, costs associated when you buy the home (such as interest points paid), and possibly other costs. If … (1 comments)

taxes: Retirement in Delaware - 03/26/14 09:52 PM
For the more than 36 million Americans who will turn 65 in the coming decade, the best cities and towns to retire in now have a much higher bar to clear: They can't just be great places -- they have to be affordable. Each week, SmartMoney.com tours a different state to find less-expensive alternatives to the most well-known golden year destinations.
Forget your parents' retirement destinations. These less-known gems offer lower prices and peppy economies.

Tiny Delaware is often forgotten on lists of places to retire, but residents say many of its cities and towns offer many of the things … (0 comments)

taxes: Kplinger's Guide to Taxes on Retirees for Delaware - 03/07/13 08:09 PM

NICKNAME
The First State
BOTTOM LINE: TAX-FRIENDLY
Delaware is one of the tax-friendliest states for retirees. It has no sales tax. Its income tax rates are modest. Social Security benefits are exempt, and senior taxpayers can exclude $12,500 of investment and qualified pension income from state income taxes. Homeowners 65 and older can get a credit equal to half of the school property taxes, up to $500.
STATE SALES TAX
Delaware does not impose a state or local sales tax.
INCOME-TAX RANGE
Low: 2.2% (on taxable income from $2,001 to $5,000)
High: 6.75% (for taxable income above $60,000)
SOCIAL SECURITY
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taxes: Rules for Frequent Fliers are Changing - 02/28/13 08:06 PM
 
Frequent-flier miles have taken me around the world. African safaris, a snorkeling trip on the Great Barrier Reef, a Baltic Sea cruise and treks in the Himalayas have all been possible thanks to airfare paid with miles.
 
So it was a shock when a group of fellow elite-mileage travelers and I recently went to book flights for a cruise and found that that the “taxes and carrier fees” on the flights we wanted were as costly as the co-pay on an out-of-network medical claim.
 
The good news: Mileage tickets to Rome via American’s One World partnership were available … (2 comments)

taxes: New Medicare tax creates incentive for home sales - 12/18/12 01:20 AM
The Patient Protection And Affordable Care Act ("Obamacare") will affect everyone in the United States one way or another. But some people will be affected more than others. Among these are high-income taxpayers. Starting in 2013, they will be subject to a brand new Medicare tax on their "unearned income."
 
Who is subject to the tax?
 
Starting in 2013, a 3.8 percent Medicare contributions tax will be imposed on the lesser of (1) the taxpayer's net investment income, or (2) any excess of modified adjusted gross income (MAGI) over $200,000 ($250,000 for married taxpayers filing jointly). Thus, all single … (0 comments)

taxes: 10 Easy Mistakes Home Owners Make on Their Taxes - 03/13/12 09:44 PM
Watch out for the common tax-filing errors, and you'll get a maximum return without raising any red flags with the IRS. Image: David Sacks/Lifesize/Getty Images
 
As you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these 10 home-related tax mistakes — which tax pros say are especially common — can cost you money or draw the IRS to your doorstep.
 
Sin #1: Deducting the wrong year for property taxes
You take a tax deduction for property taxes in the year you (or … (4 comments)

taxes: 4 ways to reduce your 2011 taxes - 11/13/11 12:01 AM
The end of the year is fast approaching, but there is still plenty of time to take steps to reduce your taxes for the year.
Here are four simple ideas:
1. Buy business equipment
If you've been thinking about buying equipment to use in your real estate business -- whether it be a car, computers, software or anything else -- do so by the end of the year.
In all likelihood you'll be able to deduct the entire amount you paid for the item in a single year instead of having to depreciate it over several years (this is not true … (4 comments)

taxes: 10 tax deductions: in time for the April 18 deadline - 03/27/11 01:30 AM
Your tax return is due by April 18, 2011 (the deadline was extended three days this year because of weekends and holidays). If you haven't filed yet, make sure you haven't forgotten the following 10 tax deductions, which are often overlooked by real estate agents and brokers.
1. Business clothing with logos: You can deduct clothing you buy for business use only if it can't be used for ordinary street wear. This means you can't deduct a regular business suit. However, you may deduct the cost of a sport jacket, coat or other clothing item with a company logo on it.
(2 comments)

taxes: Top 5 Hidden Costs of Renting - 01/21/11 04:08 AM
1.       Opportunity Costs.  When you rent, you lose out on the chance of equity – which can mean an increase in your home’s value but, even in a down market, can also mean the chance of ever owning the place you live free and clear.2.       Income taxes.  If you earn above a certain level of income, the income taxes you’re paying as a renter will be substantially higher than they would be if you owned a home and could deduct your property taxes and mortgage interest.3.      Storage.  Many a renter simply has too many personal belongings to stuff into their small apartment, so … (1 comments)

taxes: The First Thing to Do With Your Short Sale Clients - 03/29/10 02:48 AM
I saw this article and it scared me enough to let others see it.
 
I am mentoring, training and teaching agents on a regular basis how to perform short sales correctly and almost always agents I have talked to never perform one of the most important steps before even starting a short sale... Sending the client to a qualified CPA/accountant who is versed on short sales.
Why? This is very, very important for several reasons.1.     In a lot of short sales there can be a “taxable gain” on the sale. That’s right your client lost money, and owes the IRS money, … (0 comments)

taxes: Ten Facts about Mortgage Debt Forgiveness - 03/05/10 10:20 PM
 
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return. You may exclude debt reduced through mortgage … (2 comments)

taxes: Good Tax Tips for Filing 2009 Returns - 03/04/10 09:23 PM
April 15th is less than six weeks away and we all know what that means. If you've yet to visit your accountant or tax preparer, there are some new tax laws, as well as a few old ones you need to know about. But, don't worry. All of the information we're going to share falls under the category of "good news".
Back again for his yearly tax-time advice is Trevor Rice, a certified public accountant and shareholder with Stern, Kory, Sreden and Morgan, AAC in Stevenson Ranch, California. Considering that Rice's appointment book is filling up quickly, we thought it would … (3 comments)

taxes: 10 Facts About Capital Gains and Losses - 02/21/10 08:02 AM
Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation.
Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amount you sell it for and your basis - which is usually what you paid for it - is a capital gain or a capital loss. … (0 comments)

taxes: Pay Your Taxes or Get Your 15 Minutes of Shame! - 02/21/10 03:20 AM
The Delaware Division of Revenue posted another list of the top 100 delinquent individual and business taxpayers on its website.
The new lists will name individuals and businesses that, combined, owe nearly $6 million to the state, Division of Revenue Director Patrick Carter said Friday, Feb. 12.
Since the Delaware Delinquent Taxpayers website went live in February 2007, the state has collected more than $6.5 million in back taxes from taxpayers whose names were posted or were advised they qualified to have their name posted.
With the posting of this round of Delaware's delinquent taxpayers, Carter said he expects Delaware to … (3 comments)

 
Christopher Pataki, Hockessin Delaware Real Estate (RE/MAX Associates) Rainmaker large

Christopher Pataki

Hockessin Delaware Real Estate

Hockessin, DE

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Address: 56 West Main Street, Suite 101, Christiana, DE, 19702

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