Recent law changes impose limits on the amounts that homeowners who itemize deductions on Form 1040’s Schedule A are able to deduct for interest payments on mortgages for their personal residences. Click through to make sure you follow the correct regulations.What are the rules that apply to deductions for interest payments on mortgages? They can […]
A qualified personal residence trust or QPRT allows you to remove your home from your estate to reduce your gift tax. Do you need one, and if so, how can it work for you? Click through for the intricacies of this form of trust.If you think you may face a gift tax issue, you may […]
The yield curve, a graphic depiction of interest rate paths, can be hard to understand and interpret, and yet it remains a bellwether for investors. Click through for a brief overview of what it means, to help you take charge of your investment strategy.A yield curve shows a snapshot relationship between yield to maturity and […]
Summary: Residential solar power has come a long way. What do you need to know as people turn to more renewable energy sources? Could it be a solution for your home—and is there a tax break? Click through to learn more about solar power in your home. For a long time, residential solar power was cost […]
It would seem obvious: A bonus is income and gets withheld and taxed just like the money in the regular paycheck. But in reality, it’s more complex than that. Click through for details so no one faces unpleasant surprises at tax time.Bonuses, frequently given at the end of the year, are a popular “thank you” […]
When you are planning how to divide your estate among family members, fair does not necessarily mean “equal.” Click through to learn how to preserve both the maximum value for the estate’s assets and harmony among the beneficiaries.For some simple estates, all you may need to do is split your assets in equal proportions among […]
As an employer, you will have confidential access to personal and identifiable information regarding your employees. If their information is not handled properly, the private details about their identities can easily end up in the wrong hands. Click through for insight into how you can protect your employees. Deductible levies for itemizers include their payments […]
When Form 1040 time rolls around, individuals who itemize deductions for state and local taxes use Schedule A of Form 1040 to claim such write-offs. But the rules can get tricky. Click through to make sure you navigate the provisions correctly.Deductible levies for itemizers include their payments for income taxes, sales taxes, real estate taxes […]
The federal work opportunity tax credit can put money into the pockets of employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. Click through to see if your business is eligible.As explained by the IRS, the work opportunity tax credit is equal to 40% of up to $6,000 […]
Summary: Many business owners have learned the expensive way that just because they incurred expenses doesn’t mean outlays can automatically qualify as deductibles. Click through for a case study that shows what “ordinary and necessary” really means. The operative word for business deductions is business. Generally speaking, the money that people spend to improve their […]