Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
Tax Tips to Get You Ready for the 2014 Tax-filing Season
Normally, tax-filing season goes relatively smoothly for me, with the same clients procrastinating and missing the same items, year after year. But 2013 was quite different: I had some last-minute filers inform me right before the deadline that they had abandoned or sold several properties in 2012. I had less than two weeks to get adequate [...]
Tax Tips: Four Ways to Write off Gifts on Your Taxes
Most people are generous by nature. We love to see the look on someone’s face when he or she gets the perfect gift—especially when that someone is a business associate with whom we’re eager to keep a good relationship. Unfortunately, the IRS tax laws limit tax deductions for business gifts to a total of $25 [...]
When Do I Pay Taxes on the Interest Earned from Savings Bonds?
At one of my jobs long ago, I arranged to have $25 taken out of each monthly paycheck to buy a $50 U.S. savings bond. The money wasn’t missed, and the savings added up to $600 worth of long-term savings for only a $300 annual investment. These days, my clients and readers don’t ask about [...]
How to Lower Your Property Taxes
Many homeowners face increased property taxes, even as the value of their home has fallen. If you’re one of these homeowners, you’re probably wondering how to lower your property taxes. [Scroll down for video] It takes work, but it can be done. Here are three things you need to do in order to lower your [...]
Year-End Tax Tips for 2013 from Tax Experts
Get year-end tax tips for 2013 directly from tax experts as the year 2013 comes to a close. These tax tips can make a big difference in your income tax return for 2013. That’s why I brought in tax experts Bill Nemeth, Merry Brodie and Chet Burgess to discuss year-end tax tips for 2013. Our [...]
Five Real Estate Tax Tips You Should Know Before 2014
As a homeowner, you can reduce the amount of tax you will owe on April 15 if you take some simple steps before the end of the 2013 tax-filing season. It’s important to get your ducks in a row now—if you wait until the new year dawns, you’ll have to wait a full year to [...]
Tax Tips: Hidden Taxes That Can Bust Your Budget
Paying taxes is a part of life, but taxes can be easy to budget for when you know about them well in advance. Unfortunately, you may be on the hook for taxes you don’t regularly take into account—and these so-called “hidden taxes” can quickly bust your budget. Tax tips: Scan your receipts for hidden taxes [...]
Five Things to Consider When Renting Out Your Condo
When you bought your condo, did you think it would be the beginning of your real estate investing career? Perhaps you planned to rent it out for a few months while you were vacationing, or maybe you thought that you could one day move into a bigger place and rent out the condo as an [...]
Should I Buy a Home for Tax Purposes?
The house next door to me just sold for $369,000. The owners bought it in the 1970s and paid $27,000. After all costs and fees, their profit will be over $300,000. That’s good for them—but what about for you? Is buying a home the right move? The real estate market is still good for buyers [...]
Tax Questions: Is Your Hobby Really a Business?
Over the years, I have regularly helped my clients with their tax audits after the IRS determined that their businesses were really hobbies. Filing taxes as a sole proprietor of a business means you can take advantage of tax deductions you may not have access to if your activity is a hobby, so it’s important [...]