Income

Renting Your Vacation Home?

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases,… Continue reading Renting Your Vacation Home?

Planning, Taxes

Tax Tips for Newlyweds

From IRS Tax Tips: Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes.  Here are several tips from the IRS for newlyweds. It’s important that the names and Social Security numbers that you put on your tax return match your Social Security… Continue reading Tax Tips for Newlyweds

Planning, Savings, Taxes

Summer Job Alert for your Working Kids: Claim Exempt

I graduated from Wharton in 1987. For those of you keeping score at home, that means I've been working at my practice for a score and a quarter plus one.  Now that I've been practicing for twenty-six years, many of the clients I picked up earlier in my career have children in high school or… Continue reading Summer Job Alert for your Working Kids: Claim Exempt

Uncategorized

First-Time Homebuyer Credit Look-up Tool

From The IRS Tax Tips Mailing: The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here are four reminders about repaying the credit and using the tool: 1. Who needs to repay… Continue reading First-Time Homebuyer Credit Look-up Tool

Uncategorized

HOMEOWNERS GET A LITTLE EXTRA CREDIT

Mortgages do provide homeowners with a little credit - Mortgage Interest Credit to be exact.  Check out Form 8396, Mortgage Interest Credit.  According to the IRS: Mortgage Interest Credit The mortgage interest credit is intended to help lower income individuals afford home ownership. If you qualify, you can claim the credit each year for part… Continue reading HOMEOWNERS GET A LITTLE EXTRA CREDIT

Commentary, Miscellaneous, Savings

NEW YEAR’S RESOLUTIONS – PT 1

There might be a lot of uncertainty surrounding the tax rules these days. Don't use that uncertainty as an excuse to avoid trying to improve your personal finances. What better time to make some resolutions for 2013 than New Year's Day? Last January 1st, did you make any resolutions concerning your personal finances? If so,… Continue reading NEW YEAR’S RESOLUTIONS – PT 1

Planning, Taxes

HOW LONG DO YOU NEED TO KEEP YOUR TAX RECORDS?

At my firm, we get this question all the time: "How long do I need to keep my tax records?" Here is the IRS answer to this question: Well organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination, or to prepare a response… Continue reading HOW LONG DO YOU NEED TO KEEP YOUR TAX RECORDS?