Upcoming Dates (9/20)
– September 7 – Labor Day – September 15 – Filing deadline for 2019 calendar-year S corporation and partnership tax returns on extension – September 15 – 3rd quarter installment of 2020 estimated income tax is due for individuals, calendar-year corporations and calendar-year trusts & estates
10 Questions To Help You Create Your Will
A Holistic Approach to Your Affairs For many people, especially those approaching middle- or retirement-age, know they should put together a plan for their estate, but feel overwhelmed by the details and options. They continue to put off estate planning for “another day” until, often, it is too late. Younger people also should consider their […]
Tips for writing off investment property on your taxes
You can maximize the return on your real estate investments by knowing the rules for writing them off on your taxes. Taxes on rental income Rental income is taxable as income on your ordinary income tax return, but is not subject to FICA tax. Income on your rental property includes anything paid to you as […]
Legislators work to create new options for security deposits
Cash security deposits, on top of high rents in most cities, make it difficult for many people to find affordable places to live. State and city lawmakers are working to eliminate the requirement that renters pay the deposits, which can be as much as one to two months’ rent, up front. The bills would require […]
2019 a big year for refinancing, mortgage recovery
The year 2019 was the best year for mortgages since the crisis in 2006, the Wall Street Journal reported. The lending boom amounted to $2.4 trillion in home loans, an increase of 46 percent since 2018, according to industry research group Inside Mortgage Finance. The trend is expected to continue this year. According to the […]
New tax break for rental real estate owners
The IRS recently clarified the terms under which rental real estate owners can qualify for a new tax break under section 199A of the Internal Revenue Code. The section provides a tax deduction of up to 20 percent of an entity’s qualified business income, or QBI, for many owners of pass-through entities, including sole proprietorships, […]
How can I make sure my son is given to the person I choose if something were to happen to me?
ADDITIONAL INFORMATION: I am a single mother. My son’s father hasn’t been in his life since he was 4 months old (he will be 6 y/o in 2 weeks). I have no idea where he is, he does not pay child support, and we were never married. If something were to ever happen to me, […]
How does a trustee add a business to a irrevocable trust?
ADDITIONAL INFORMATION: To begin I am a trustee to a irrevocable trust, which the grantor set up to transfer a couple of homes he owns. Now the trust says the trustee can buy and add property to the same trust for the benefit of the grantor. The trust grantor has come across a dirt cheap […]
Know the difference between wellness visit and physical
Confusing a wellness visit with a physical could be very costly. As part of the Affordable Care Act, Medicare beneficiaries receive a free annual wellness visit. At this visit, your doctor, nurse practitioner or physician assistant will generally: ask you to fill out a health risk assessment questionnaire; update your medical history and current prescriptions; measure […]
What to look for in a prepaid funeral plan
In addition to making things easier for your family during a difficult time, prepaid funeral plans can also be a good way to spend down money in order to qualify for Medicaid. But the plans come with risks. Consumers lose millions of dollars every year when prepaid funeral funds are misspent or misappropriated. A funeral provider […]
