Article Highlights: • Refinancing home mortgage interest • Acquisition debt • Equity debt • Traceable debt • Allocations • Alternative minimum tax Mortgage interest rates continue to be low, and home values are on the uptick. If you are considering a refinance, there are some important home mortgage interest rules you should be aware of. Generally, the mortgage interest … [Read more...] about Refinanced Mortgage Interest May Not All Be Deductible
No Health Insurance? Qualify for Hardship Waiver?
Article Summary • Uninsured penalty exemptions • Applications for penalty exemptions • Figuring the penalty • Marketplace open enrollment starts November 15 If you didn’t get health insurance coverage this year, you may be subject to a penalty unless you qualify for one of the many general or hardship exemptions. There are in excess of 30 possible exemptions from the penalty … [Read more...] about No Health Insurance? Qualify for Hardship Waiver?
December 2014 Individual Due Dates
December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2014. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2014 should call for a tax planning consultation appointment. December 10 - Report Tips to Employer … [Read more...] about December 2014 Individual Due Dates
Writing Off Your Start-Up Expenses
Article Highlights: • Startup expenses first-year write off • Expense amortization • First-year write-off limitations • Qualifying expenses Business owners, especially those operating small businesses, may deduct up to $5,000 of their start-up expenses in the first year of the business’s operation. This is in lieu of amortizing the expenses over 180 months (15 years). … [Read more...] about Writing Off Your Start-Up Expenses
Failed to Report Your Foreign Financial Assets? The IRS’s Streamlined Voluntary Filing Compliance Program May Be for You.
Article Summary: • How to come into compliance with foreign financial asset reporting • Non-willful conduct certification • Miscellaneous offshore penalty • Possibility of subsequent audit If you are a U.S. taxpayer who has not reported your foreign financial assets on your tax returns and you can certify that the reporting failure and nonpayment of all tax due related to those … [Read more...] about Failed to Report Your Foreign Financial Assets? The IRS’s Streamlined Voluntary Filing Compliance Program May Be for You.