To help financially distressed homeowners lower their monthly mortgage payments, the Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD) established HAMP. In appropriate cases, HAMP has been offering the Principal Reduction Alternative (PRA) as part of a HAMP loan modification since the last quarter of 2010. Current plans call for HAMP to continue … [Read more...] about Home Affordable Modification Program (HAMP)
Energy Costs Rise as Tax Incentives Fade
With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy itself is incentive enough to reduce consumption. The … [Read more...] about Energy Costs Rise as Tax Incentives Fade
Has Your 2012 Roth-Converted IRA Declined in Value?
If you converted your traditional IRA to a Roth IRA in 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to an unexpected poor investment performance, you still have an opportunity to do something about it. If you filed your return on time or are on extension, you automatically receive a 6-month extension from the … [Read more...] about Has Your 2012 Roth-Converted IRA Declined in Value?
2013 Will Hit Higher-income Taxpayers Hard — Be Prepared
Now that Congress has passed the American Taxpayer Relief Act of 2012 (ATRA) and avoided the so-called “fiscal cliff,” higher-income taxpayers need to brace for higher taxes. There are numerous provisions in the ATRA that don’t provide the higher-income taxpayer any relief, and when these are combined with the provisions of the 2010 Affordable Health Care Act, higher-income … [Read more...] about 2013 Will Hit Higher-income Taxpayers Hard — Be Prepared
February 2013 Business Due Dates
February 11 - Non-Payroll Taxes File Form 945 to report income tax withheld for 2012 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time. February 11 - Social Security, Medicare and Withheld Income Tax File Form 941 for the fourth quarter of 2012. This due date applies only if you deposited the tax for the quarter in … [Read more...] about February 2013 Business Due Dates