Archive for Personal Finance
No Health Insurance? Qualify for Hardship Waiver?
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
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?
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
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!
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 […]
Reverse Mortgages: A Salvation For Seniors?
In recent months, we have seen a growing number of celebrities on TV promoting reverse mortgages. In today’s economy, many retirees are faced with mounting debt and inadequate incomes. For many, their home is their most valuable, and perhaps only, asset, but it is also their home and they really don’t want to sell it. […]
It’s Not Too Late
It’s not too late to make an IRA and/or SEP contribution or undo a Roth IRA conversion for 2011. Generally, after the close of the year you can no longer take steps to alter the outcome of your tax return. However, both IRA contributions and SEP contributions can be made for a year after it […]
Don’t Be Scammed By Tax Season Cyber Criminals
Now that tax season is upon us, so are the e-mail scammers pretending to be the IRS. Most of these scams fraudulently use the IRS name, logo, and/or website header as a lure to make the communication appear more authentic and enticing. They lead you to believe you had a refund of some sort coming […]
Unmarried Couples and Home Mortgage Interest
It is becoming increasingly common for couples to live together and remain unmarried, which can lead to potential tax problems when they share the expenses of a home but only one of the couple is liable for the debt on that home. Home mortgage interest can generally be deducted only by a person who is […]
Sales Tax on Home Sales Rumor
A rumor has been circulating for some time that home sales will be subject to a 3.8% federal sales tax beginning in 2013. Like most rumors, it has been initiated by someone who doesn’t have all the facts – in this case, someone who does not understand taxes. Unfortunately, the misinformation has been perpetuated through […]