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 recovery easier by keeping 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 or gift aid. It is [...]
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 people are eager to throw [...]
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 of the ability to exclude [...]
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 and beyond. Topics include premium [...]
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 only affects taxpayers with taxable [...]