Tax Strategies for Homeowners

Tax Strategies for Homeowners

Be aware that tax consequences are  associated with home ownership. Home purchase When purchasing a home, you may pay a portion of the mortgage interest in advance. This loan origination fee, or “points,” is a percentage of the total amount borrowed. If points are...
What Filing Status is Right For You?

What Filing Status is Right For You?

Your federal income tax filing status can affect exemptions, reportable income, deductions, credits, tax rates, liability, the type of form you file, and whether you need to file at all. In addition, some states require that you use the status reported on your federal...
Tax Implications of the Health Care Law

Tax Implications of the Health Care Law

Important Tax Dates • First quarter individual estimated tax payments are due April 18. • The deadline for filing Form 1040 or an extension and paying any tax due is April 18. The health care law has brought some changes to the 2015 federal income tax return that...
Is Your Pastime a Hobby or Business?

Is Your Pastime a Hobby or Business?

If you’re like some taxpayers, you have a pastime that brings in cash but produces a loss after you deduct your expenses. Example: an amateur artist who spends money for paint and canvas but who only occasionally sells a painting. If you could deduct “hobby” losses on...
Tax Deductible Gifts and Donations

Tax Deductible Gifts and Donations

Important Tips Start gathering any items necessary for the preparation of your tax returns, including charitable contribution receipts, stock trans- actions, business mileage records, medical expenses, moving expenses, unreimbursed business expenses, etc. Your Gift...
Tax On Children’s Investments

Tax On Children’s Investments

Important Tips Schedule an appointment to discuss year-­end tax planning strategies If you moved this year, let your tax consultant know so he or she can help you complete Form 8822, Change of Address, and report the change to the IRS. Tax on Children’s Investments...