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Does the IRS Owe You Money?

August 30th, 2010

If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, you should check the status of your refund and confirm your current address. Unclaimed Refunds Some people may […]

Congress Will Have to Take Action to Stop Tax Increases

August 26th, 2010

Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, in spite of the fact that President Obama vowed no new taxes for individuals earning less than $200,000 and families earning less than $250,000, there will […]

Flipping Homes – A Reviving Trend in Real Estate

August 13th, 2010

Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time. The key is to find a suitable fixer-upper that is priced under market for its location, fix it up, and resell it for more than it cost to buy, hold, fix up and resell it.

If you are contemplating trying your hand at flipping, keep in mind that you will have a silent partner, Uncle Sam, who will be waiting to take his share of any profits in taxes. (And most likely Sam’s cousin in your state capitol will also expect a share, too.) Taxes play a significant role in the overall transaction, and tax treatment can be quite different depending upon whether you are a dealer, an investor or a homeowner. The following is the tax treatment for each.

New Regulations Provide More Insight to Health Care Reform

August 13th, 2010

The Departments of Labor, Treasury and Health and Human Services recently issued regulations to implement a new Patient’s Bill of Rights as part of the Health Care Reform Act.  The major initial provisions include the following: INSURANCE FOR UNINSURED AMERICANS WITH PRE-EXISTING CONDITIONS Beginning July 1, 2010, a Pre-Existing Condition Insurance Plan will provide new […]

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January 25, 2010
by: James • Tools

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October 17, 2008
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