For several years now, Congress has left the taxpaying public hanging to the last minute with tax changes and extensions. And each year, the political gridlock seems to get worse, leaving taxpayers pondering how to plan their finances and businesses undecided about capital investments and hiring new employees, not knowing what the tax laws will bring in the next year. This … [Read more...] about Are We Headed for a Fiscal Cliff?
Personal Tax
November 2012 Individual Due Dates
November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 13. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about November 2012 Individual Due Dates
Don’t Be a Victim!
As the tax-filing season approaches, the identity thieves are gearing up with tax scams to sucker you into providing them with your identity information, which they can then use to charge against your credit cards, tap your bank account, steal your tax refund, file a fraudulent tax return in your name . . . the list goes on and on. These thieves are clever, and some even … [Read more...] about Don’t Be a Victim!
Fine-Tuning Capital Gains and Losses
The year’s end has historically been a good time to plan tax savings by carefully structuring capital gains and losses. Let’s consider some possibilities. If there are losses to date − As an example, suppose the stocks and other capital assets that were sold during the year result in a net loss and that there are other investment assets still owned by the taxpayer that have … [Read more...] about Fine-Tuning Capital Gains and Losses
Reverse Mortgages: A Salvation For Seniors?
In recent months, we have seen a growing number of celebrities on TV promoting reverse mortgages. In today’s economy, many retirees are faced with mounting debt and inadequate incomes. For many, their home is their most valuable, and perhaps only, asset, but it is also their home and they really don’t want to sell it. An option is the “reverse mortgage,” which allows … [Read more...] about Reverse Mortgages: A Salvation For Seniors?