Family Home Loan: Interest May Not Be Deductible
Many of us have taken out a home loan. It is not uncommon for individuals to loan money to relatives to help them buy a home. In those situations, it is also not uncommon for a … Read More
Installment Sale is a Useful Tool to Minimize Taxes
Selling a property one has owned for a long period of time will frequently result in a large capital gain. And reporting all of the gain in one year will generally expose the gain to higher … Read More
Turning 70 1/2 this year? You may face a number of special tax issues.
If you are turning 70 1/2 this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles. Traditional IRA Contributions You cannot make … Read More
Interest on My Vehicle Loan, Is It Tax Deductible?
Interest on your vehicle loan, did you wonder how to claim it on your taxes? Is it tax deductible? That depends, how is the vehicle is being used? Is it for business or personal use, the tax form … Read More
Tax Tips for the Well-traveled Businessperson
Tax Tips for the Well-traveled Businessperson Article Highlights: Acceptable Records Meals Spouse Expenses Food and lodging expenses are generally deductible when away from home for business purposes. This may be particularly beneficial for self-employed individuals who … Read More
Massachusetts Tax Refund (or Federal): Checking the Status is Easy
If you already filed your Massachusetts or federal tax return and are due a refund, you can check the status of your refund online. Federal/IRS – Where’s My Refund? Where’s My Refund? is an interactive tool … Read More
Want Your Tax Refund Faster? Use Direct Deposit
Do not wait around for a paper check if you want your tax refund faster. Have your federal and state tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient … Read More
Spousal IRA: Do Not Overlook
Spousal IRA is one frequently overlooked tax benefit. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes: wages, tips, bonuses, professional fees, commissions, alimony received, and net income from self-employment). … Read More
Retirement Savings: the Earlier, the Better
Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement savings … Read More
IRA Rollover Limits: Beware of 2015 Changes
For many years, the tax code has allowed an individual to take a distribution from his or her IRA account, This allowed the tax payer to avoid the tax and early distribution penalties if the distribution … Read More