Beginning this month, you can sign up for a new 2017 health insurance policy on the health insurance Marketplace. You can also change or renew the policy you purchased during the last enrollment period. Even if your current policy has an automatic renewal feature, you’ll want to verify that you’re getting the best deal, and that you are still eligible for the federal premium tax credit. What if you didn’t sign up last winter and didn’t
An important part of our service to you is to help identify actions you can take before year-end to minimize your personal 2016 federal income tax bill. Accelerating or delaying income and deductions, contributing to retirement plans, and taking investment losses are just a few of the strategies you might want to consider. Here’s a checklist to help you get started. Max out your 401(k) before year-end. For 2016, you can set aside $18,000 if you’re
A growing number of families want to live in a home along with elderly parents or “boomerang” grown children – but they may run into problems with the local zoning board. Some 18% of Americans now live in a home with more than one adult generation, and that figure is growing. In many cases, what families want is a home with an “in-law” apartment – one that has a separate entrance, separate kitchen, and separate utilities.
Congress has extended a number of tax credits for homeowners who make energy-efficient improvements to their home, as long as the equipment they install is certified by the manufacturer as qualifying for the programs. The credits fall into two categories: (1) Traditional improvements You can get a credit for 100% of your expenses for central air conditioners, electric heat pumps, and a variety of water heaters (up to $300); natural gas, propane, and oil furnaces and
Did you know that if you buy real estate in the U.S. from a foreign owner, you may have to withhold a big chunk of the sale price and send it to the IRS? This is required by a law called FIRPTA (the Foreign Investment in Real Property Tax Act), which is designed to make sure that foreigners who sell U.S. property don’t skip off without paying taxes. In the past, a buyer generally had to
Some 33,000 homeowners across the country will be eligible to have the amount of their mortgage principal reduced under a plan recently unveiled by the Federal Housing Finance Agency. This is a different plan from the government’s better-known HAMP and HARP programs. HAMP (the “Home Affordable Modification Program”) focuses mainly on reducing monthly payments rather than forgiving principal, while HARP (the “Home Affordable Refinance Program”) is designed to help underwater homeowners refinance their loans.
Benigno Herrera, a 70-year-old man in Austin, Texas, was turned down when he tried to rent an apartment recently. The reason? He had a drunk driving conviction on his record – from 36 years ago. Cases like Herrera’s are coming up much more frequently, and raising legal questions about how far landlords can go in using criminal background checks to screen potential tenants. The issue is reaching a boiling point for two reasons. One is that
Medicaid’s look-back period can be confusing, but it’s important because it can have a very significant effect on your ability to pay for long-term care. Unlike Medicare, Medicaid is a system that’s available only to people who have very few assets. As a result, the government is concerned that people will “game the system” by giving away all their assets to family members and then applying for Medicaid shortly afterward. That’s obviously not fair to the taxpayers
The growing problem of adult guardianship abuse is giving rise to calls for reform, as vulnerable elderly people caught up in this system sometimes end up being harmed and exploited by the very process that’s supposed to protect them. A guardian is someone appointed by a court to make decisions on behalf of an incapacitated person, known as a “ward.” The process usually starts when a family member or social worker notifies the court that someone can
Medicare prescription drug plans can change which drugs they cover, possibly leaving you without coverage for a drug you need. Or you might switch plans, and find that your new plan doesn’t cover your medication at all. In these circumstances, it’s good to know that Medicare drug plans are required to offer you a 30-day transition supply of the drug you’re taking. All Medicare Part D plans must offer these transition refills, including Medicare Advantage plans
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