Archive for Personal Finance

Marketplace Insurance Checkup

October 20th, 2015

Article Highlights: Advance Premium Tax Credit Family Income Family Size Reporting Changes to the Marketplace Repayment of Credit Married Filing Separately If you are one of the many individuals or families who purchase their health insurance through the federal or a state government health insurance marketplace and are receiving an advance premium tax credit (subsidy […]

Retirement Plan Distribution Pitfalls

August 11th, 2015

Article Highlights: Distribution Hazards Trustee-to-Trustee Transfers Rollovers Taxability Withholding Requirements Early Withdrawal Penalty When an individual retires or leaves an employer’s service, the individual will be required to take a distribution from the employer’s retirement plan (if the employer had a plan). Depending on the employee’s age and the plan’s terms, a distribution may not […]

Get Credit for Generating Your Own Home Power

July 14th, 2015

Article Highlights Solar Heating System Solar Electric System Fuel Cell Plant Wind Energy Geothermal Heat Pump Through 2016, taxpayers can get a tax credit on their federal tax return equal to 30% of the costs for installing certain power-generating systems on their homes. The credit is non-refundable, which means it can only be used to […]

Is Your Hobby a For-Profit Endeavor?

May 26th, 2015

Whether an activity is a hobby or a business may not be apparent to the customers of the endeavor, but distinguishing the difference is necessary for tax purposes because the tax treatments are substantially different. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or […]

Is a 1031 Exchange Right for You?

February 24th, 2015

If you own real property that you could sell for a substantial profit, you may have wondered whether there’s a way to avoid or minimize the taxes that would result from such a sale. The answer is yes, if the property is business or investment related. Normally, the gain from a sale of a capital […]

No Health Insurance? Qualify for Hardship Waiver?

January 27th, 2015

If you didn’t get health insurance coverage this year, you may be subject to a penalty unless you qualify for one of the many general or hardship exemptions. There are in excess of 30 possible exemptions from the penalty and some of the exemptions require you to complete and file an application for approval. If approved for […]

Avoid Tax Surprises: Report Life Changes to the Marketplace

November 4th, 2014

If you are enrolled in insurance coverage through a government Health Insurance Marketplace, it is important that you report certain changes to the marketplace when they happen, such as changes to your household income or family size and other issues that affect your eligibility for and the amount of the advance premium tax credit (APTC). […]

Sell or Trade a Vehicle?

June 3rd, 2014

When replacing a business vehicle, it does make a difference for tax purposes whether you decide to sell it or trade it for the replacement vehicle. If you sell a vehicle that was used for business, the resulting gain or loss is reported on your tax return. As a result, it is generally better to […]

Beware of Bogus IRS Emails

April 30th, 2013

Every tax-filing season, the scammers and ID thieves try to sucker people into providing personal and financial information through the use of phony e-mails. The IRS receives thousands of reports every year from taxpayers who received emails out of the blue claiming to be from the IRS. Scammers use the IRS name or logo to […]

Don’t be a Victim!

January 22nd, 2013

Not too long ago, we cautioned you about being duped by Internet identity thieves. We want to remind you once again about this fast-growing threat and how to protect yourself from being a victim and avoid the immense amount of trouble and aggravation that accompanies identity theft. As the tax-filing season approaches, the identity thieves […]

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January 25, 2010
by: James • Tools

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October 17, 2008
by: James • Tools