26
May
HELPING A FAMILY MEMBER BUY A HOME
Making a family loan isn’t the only way to assist a loved one with purchasing a home. This short article looks at other options and their potential tax consequences....
17
Feb
DON’T MOVE … UNTIL YOU’VE CONSIDERED THE TAX IMPLICATIONS
Many people think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile....
16
Sep
HOME SALE: FAILURE TO PLAN MAY RAISE YOUR TAX BILL
Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning. Here’s an example of how...
26
Aug
USING AN IRA WITHDRAWAL FOR A QUALIFIED HOME PURCHASE
Taxpayers hoping to purchase a home may find themselves short of cash for a down payment or related costs. That’s where withdrawing from an IRA could come in handy. But for taxpayers who are below age 59½, the IRS considers that to be an “early...
20
May
TO GET AN “EARLY” REFUND, ADJUST YOUR WITHHOLDING
Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In...
27
Oct
DO YOU RUN A BUSINESS FROM HOME?
Many people who began working from home during the COVID-19 pandemic are still doing so, full or part-time. Business owners who moved their operations to a home office, or at least began performing some work functions there, may be able to claim home office expenses...
28
Apr
THINKING ABOUT CONVERTING YOUR HOME INTO A RENTAL PROPERTY?
In some cases, homeowners move to new residences, but keep their present homes and rent them out. Homeowners who are considering this are probably already aware of the financial risks and rewards of doing so. However, they should also know that renting out a personal...
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Taxes
13
Feb
QUALIFYING FOR THE HOME OFFICE DEDUCTION
Working from home has become the norm for many people in recent years. Now they might be wondering if they can claim the home office deduction for 2022. The short answer is: Only those who are self-employed can claim it. This article delves deeper into...
28
Oct
RENTING OUT YOUR VACATION HOME? KNOW THE TAX IMPLICATIONS
What are the tax implications when a taxpayer who owns a vacation home rents it out? The answer depends on various factors, such as the amount of time rented out and the number of days used by the owner. The calculation of taxable income can...
27
Jan
DETERMINING AN EMPLOYEE’S “HOME” FOR REIMBURSEMENT PURPOSES
Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. For companies that reimburse employees on a tax-free basis for travel expenses, it’s important to stay up to date on the rules that determine the location of a...
17
Jun
VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?
A vacation home can provide a welcome retreat from the hustle and bustle of everyday life. But that’s not all: It can also offer valuable tax benefits. This article sorts out the rules for claiming a tax break....
11
Feb
FEWER TAXPAYERS TO QUALIFY FOR HOME OFFICE DEDUCTION
Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...
12
Oct
CATCHING UP WITH THE HOME MORTGAGE INTEREST DEDUCTION
Among the biggest tax perks of buying a home is the ability to deduct mortgage interest payments. But this deduction has undergone some changes recently, so taxpayers may need to do some catching up. This brief article explains how the tax break has changed....
18
Jun
DEDUCTING HOME EQUITY INTEREST UNDER THE TAX CUTS AND JOBS ACT
Passage of the Tax Cuts and Jobs Act has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying the rules surrounding the deductibility of home equity interest. This article compares the old rules to these new ones....
14
May
GET AN EARLY TAX “REFUND” BY ADJUSTING YOUR WITHHOLDING
Everyone loves a juicy tax refund, but why wait to receive the money? By adjusting one’s withholding and/or estimated tax payments, a taxpayer can enjoy that money throughout the year. This article lists some circumstances under which adjustments are particularly advisable and explains how to...
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Taxes