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Most of us will purchase property during our lives but few of us understand closing costs and which closing costs are deductible on our income tax returns. When you are spending anywhere from 3% to 5% of the purchase price of the home it would be nice to know what you are paying for. Closing…
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Most of us may think that Identity Theft just isn’t that prevalent. However, ID thieves steal the identities of about 2.5 million deceased Americans every year. This is over and above the hacking schemes we hear about almost daily. The most targeted groups of people are the deceased, children, prisoners and the elderly. These general…
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Yes, it’s that time again – TAX SEASON! Most people dread this time of year like the plague. Not only are you likely recovering from holiday expenses, now you have to worry about the extra amount Uncle Sam will take from your hard-earned income. Or, perhaps you expect a refund of some sort. Either way,…
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Just before Christmas Congress finally passed the extender bill reinstating for another year some of the helpful items they have had in the past such as 50% bonus depreciation and the teachers’ deduction for above the line. However, it will again need to be re-evaluated this year. There is always hope that Congress will really…
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After three years of being in effect the Health Care Law is gaining speed and beginning to make an impact on many aspects of our lives whether it is as an employee, employer or happily retired. The complexities about the health care aspects are much greater than can be addressed in this space. If you…
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The Supreme Court stuck down many areas of the law related to same-sex marriages. However, here in Arizona, we are still waiting for decisions about how this affects our clients and residents. In general there are a variety of tax breaks available to legally married persons: The right to file a joint return The opportunity…
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Maintaining and securing your identity from potential thieves is becoming increasingly more important. That extends to paperwork you may have around the house or stored in your garage or office. Here are 9 things that you don’t need to keep and should shred. Tax returns older than 4 years Bank statements older than 4 years…
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Tax Planning at best is a shot in the dark this year. Many items have yet to be addressed just for the 2012 year. The only thing for sure is that it will not be addressed until after November 6. Even then, Congress may put it off until after January 1, 2013. Assuming that, donating directly…