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Home Affordable Modification Program

March 26th, 2013

To help financially distressed homeowners lower their monthly mortgage payments, the Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD) established HAMP. In appropriate cases, HAMP has been offering the Principal Reduction Alternative (PRA) as part of a HAMP loan modification since the last quarter of 2010. Current plans call for […]

IRS Introduces New Safe Harbor Home Office Deduction

March 19th, 2013

Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of their home. The deduction is $5 per square foot with a maximum square footage of 300. Thus, the maximum deduction is $1,500 per year. Here are the details of this simplified method: Annual Election – A taxpayer may […]

Has Your 2012 Roth-Converted IRA Declined in Value?

March 12th, 2013

If you converted your traditional IRA to a Roth IRA in 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to an unexpected poor investment performance, you still have an opportunity to do something about it. If you filed your return on time or are […]

Tax Tips for Recently Married Taxpayers

March 5th, 2013

If you got married during 2012, here are some post-marriage tips to help you avoid stress at tax time. Notify the Social Security Administration ? Report any name change to the Social Security Administration so that your name and SSN will match when filing your next tax return. Informing the SSA of a name change is […]

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