Article Highlights: • Lifetime exemption • Annual exemption • Medical exemption • Education exemption • Gifting techniques Frequently, taxpayers think that gifts of cash, securities or other assets they give to other individuals are tax deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the … [Read more...] about Tax Smart Gifting
Personal Tax
Refinanced Mortgage Interest May Not All Be Deductible
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