KEEP YOUR RECORDS SAFE IN CASE DISASTER STRIKES Some natural disasters are more common in certain seasons. But major events like hurricanes, tornadoes, and fires can strike at any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your
COLLEGE FINANCIAL AID BASICS After your children have submitted their financial aid applications and started receiving award letters from various colleges, it may be difficult to interpret and compare their offers. The following information should be helpful in this regard. College financial aid is usually characterized as either self-help aid
Spring-Clean Your QuickBooks Company File There are a lot of clues that indicate trouble with your QuickBooks company file. Is it time for a check-up and tune-up? After this ridiculously long winter, you’ll probably hear few complaints about things like puddles in the street, summer heat and spring cleaning. Most
CONVERTING A RESIDENCE TO RENTAL PROPERTY Recovering real estate values may cause some homeowners to consider converting their personal residence to rental property for investment purposes. The process for making this decision should include an analysis of economic factors, such as the homeowners’ marginal tax rate and the potential loss
The IRS has a new website that provides information on the Affordable Care Act (www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions). The site explains tax benefits and responsibilities for individuals, employers, and other organizations. In addition, it provides information about tax provisions that are in effect now and those that will go into effect in 2014
For many individuals, the ordinary federal income tax rates for 2013 will be the same as last year: 10%, 15%, 25%, 28%, 33% and 35%. However, the so-called fiscal cliff legislation passed early this year increased the maximum rate for higher income individuals to 39.6% (up from 35%). This change
Many people are aware that if they begin receiving social security retirement benefits prior to reaching their full benefit retirement age, their benefits will be reduced when their income exceeds a certain threshold ($15,120 in 2013). However, they may not know those lost benefits are partially restored upon reaching full
For married taxpayers, the implications of filing a joint or separate return extend beyond tax rates and the standard deduction. Like many aspects of income taxation, there is usually more than one approach to finding the optimal solution. We have listed some of the more common implications of filing either
If you did some gambling this year, you should be aware of the applicable federal income tax rules. You generally must report 100% of your gross gambling winnings as income. They are subject to your regular federal income tax rate, which can be as high as 35% for 2010. You
