If you have received an inheritance or anticipate receiving one in the future, this article may answer many of your questions. The process of claiming an inheritance can be quite complex, and it helps to understand the basics and to be aware of potential tax liabilities. An inheritance is generally received after all applicable taxes have been paid along with any outstanding … [Read more...] about Inheritances Can Be Tricky for You
Personal Tax
Haven’t Filed an Income Tax Return?
If you have been procrastinating about filing your 2011 tax return or have other prior year returns that have not been filed, you should consider the consequences. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment … [Read more...] about Haven’t Filed an Income Tax Return?
Assisting Your Child Acquire a Home
If you are a parent who wants to assist your child in obtaining his or her first home, there are a number of ways you can help. Help with the down payment - Real estate lending laws generally will not allow the parents to loan the down payment on the home, since that is considered part of the debt. However, you can make an outright gift of the down payment. Just keep in mind … [Read more...] about Assisting Your Child Acquire a Home
September 2012 Individual Due Dates
September 1 - 2012 Fall and 2013 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA … [Read more...] about September 2012 Individual Due Dates
Job Search Expenses Can Be Tax Deductible
Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job-hunting expenses on your federal income tax return. To qualify for a deduction, your expenses must be spent on a job search in your current occupation. You … [Read more...] about Job Search Expenses Can Be Tax Deductible