Archive for the taxes Category

Should You Take the Standard Deduction or Itemize on Your Taxes??? Don’t Just ASSUME!!

April8
"The Assumption Song" Death & taxes....well, you know the drill!! The 2012 standard deduction, available to all taxpayers, regardless of whether they own a home, is $11,900 for married filing jointly and $5,950 for single taxpayers. So, should you itemize or take the standard deduction??  There's a lot of reasons why a home is a good value, but the tax deduction is only one of them (think paying off your own mortgage and building equity, think having you own place vs paying off your landlord's mortgage, think painting whatever colors come to mind, etc).  Let's look at an example of … Read More

Could it Possibly Be Tax Time Already? Owning a Home=Possible Tax Breaks!!

February28
Schoolhouse Rock: Money - Tax Man Max Music Video Darn it!  It's THAT time of year again!!  Taxes are due April 15, which means it’s time to start gathering your W2s, 1099s, business and child care receipts, bank and investment account statements and more and more and more and more............ But before you sit down with your accountant, it’s important for you to know that merely owning a home could mean you qualify for tax breaks. In most cases, you need to itemize your taxes in order to take advantage of these deductions. Yes, it makes the tax-filing process seem more laboriou… Read More

The Advantages of a 1031 Exchange to Defer Taxes on the Sale of Investment Properties!!

September5
The Advantage - "Batman Theme"   Tax strategies which take advantage of the current tax code are a much better way to achieve tax benefits today. IRC Section 1031 tax deferred exchanges have been a part of the tax code since 1921. Section 1031 allows an investor who holds property for business or investment to defer all capital gain taxes by exchanging the property for qualifying like-kind property under the rules and restrictions of Section 1031. By deferring the capital gain tax, an investor creates more purchasing power and better overall investment returns. Let’s compare … Read More

Did You Know??? Renting Your Home Tax Free!

July30
"The Taxman" - The Beatles Do you have a 2nd home or have you ever considered purchasing one?  Have you ever considered renting out your primary residence while gone on business or vacation?  Did you know that homeowners can benefit from a little known provision in the tax code that does not require taxpayers to recognize the income derived from renting their home for less than 15 days per year. See Rental of property also used as home on IRS.gov.  I'm always interested in legal ways to protect income from taxes!  :-) Large sporting events like golf and tennis tournaments, champio… Read More
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