Monthly Archives: January 2015

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Get Credit for Generating Your Own Home Power

Through 2016, taxpayers can get a 30% tax credit on their federal tax returns for installing certain power-generating systems in their homes. The credit is non-refundable, which means it can only be used to offset a taxpayer’s current tax liability, but any excess can be carried forward to offset tax through 2016. Systems that qualify [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Get Credit for Generating Your Own Home Power

“Flipping” Homes – A Reviving Trend in Real Estate

Prior to the recent economic downturn, flipping real estate was popular.  With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time.  [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on “Flipping” Homes – A Reviving Trend in Real Estate

Fiscal Cliff Legislation

Congress passed legislation, which President Obama indicated he would sign, to avoid the fiscal cliff. The legislation would allow tax rates to rise on the nation's highest earners while also extending dozens of tax cuts for individuals and businesses. Specifically, the bill: Raises the top tax rate to 39.6% for married couples earning $450,000; single [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Fiscal Cliff Legislation

Find Lost Money

Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Find Lost Money

FBAR Filing Requirements

Each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country) must report that relationship by filing a FinCEN Form 114 (more commonly known as FBAR) electronically with the Treasury Department’s Financial Crimes Enforcement [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on FBAR Filing Requirements

Fast Write Off of Business Assets

Normally, when a business acquires an asset, it must be capitalized and depreciated over its useful life. However, tax law includes some provisions that allow the entire asset or some portion of it to be written in the first year it is placed in service, providing the opportunity for very large first-year write-offs. The following [...]

By | 2016-01-21T00:00:27+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Fast Write Off of Business Assets

Extension of Bush Tax Cuts

Late on Dec. 6, President Obama announced that the Administration and the Republicans had arrived at a "framework for a bipartisan agreement" that would extend the Bush-era tax cuts and give workers a two-percentage-point reduction in Social Security tax for 2011. How this agreement will be received by Congressional Democrats is uncertain at this time. [...]

By | 2016-11-23T22:45:42+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Extension of Bush Tax Cuts

Eight Tips to Help You Determine if Your Gift Is Taxable

If you give someone money or property during your lifetime, you may be subject to the federal gift tax. The following tips will help you determine if your gift is taxable or if you are required to file a gift tax return. Most gifts are not subject to the gift tax. For example, there is [...]

By | 2016-11-23T22:45:42+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Eight Tips to Help You Determine if Your Gift Is Taxable

EGTRRA Sunsets: Individual Incentives

A number of lucrative individual tax incentives originally introduced in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) are scheduled to expire after December 31, 2010. If Congress does not act to extend the lower rates and enhanced tax breaks under EGTRRA, these popular tax cuts will expire and will be replaced [...]

By | 2016-11-23T22:45:42+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on EGTRRA Sunsets: Individual Incentives

Don’t Panic if You Receive an IRS Notice

If You Receive an IRS Notice: Letter May Be In Error Let Your Tax Professional Respond Procrastination Leads to Bigger Problems Change of Address Complications If it is not your refund check in the mailbox, that letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can [...]

By | 2016-01-21T00:01:20+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Don’t Panic if You Receive an IRS Notice