As you and your loved ones get older, new situations will be encountered that involve issues due to aging. You are not quite sure how to solve these problems. Where can you get advice? A good starting place is going to an attorney that specializes in elder law. What is Elder Law? Elder Law is a rapidly growing legal practice that assists senior citizens needing help and guidance with legal matters. It specifically focuses on older
The company behind the FICO credit score – which is used in about 90% of consumer lending decisions – has introduced a pilot program to give “alternative” credit scores to millions of people who don’t currently have one. This could ultimately allow these people to qualify for mortgages that they can’t get today. Some 53 million Americans currently don’t have credit scores. Sometimes this is the result of a negative event such as a bankruptcy or
If you agree to buy or sell a property in a text message, instant message, or tweet, is that a binding contract? Not in California, which just enacted a law saying these types of “ephemeral” messages can’t amount to a contract for a real estate sale unless the parties sign a written agreement afterward.
Most people who sell their home don’t have to pay capital gains tax, even if the value of the home increased substantially while they owned it. But some people do owe tax, so if you’re thinking of selling, it’s important to know whether you can escape the IRS. Here are the rules: As a single person, you can generally exclude up to $250,000 in gain from a home sale. If you’re married and file jointly, you
A recent survey by the National Association of Realtors is challenging stereotypical notions of what’s important to men and women when it comes to buying a home. The survey asked single men, single women and married couples what house features were “very important” in their decisions about what to buy.
Next year, you’ll get a few extra days to file your 2015 income tax return. The District of Columbia will be observing Emancipation Day on Friday, April 15, 2016, the usual filing deadline. That moves the filing deadline for 2015 federal income tax returns to Monday, April 18. Residents of Massachusetts and Maine get one more day to file – to Tuesday, April 19 – due to Patriots’ Day.
Would you like to give your child a head start on smart money habits? Here’s a suggestion: Have the child invest in a Roth IRA. Why? The tax-free compounding of contributions and investment returns over your child’s lifetime is a great wealth-builder. Here’s what you need to know.
Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total you’ve paid in for 2015 through withholding and/or estimated taxes. If you’ve underpaid, consider adjusting your withholding for the final months of the year or increasing your remaining quarterly estimate. If you employ household workers, be sure your calculations include the payroll taxes you’ll owe for them. Remember to include the 3.8% tax on net investment income in your planning too.
October 1 – Generally the deadline for businesses to adopt a SIMPLE retirement plan for 2015. October 15 – Filing deadline for 2014 individual tax returns on automatic six-month extension of the April 15 deadline. October 15 – If you converted a regular IRA to a Roth in 2014 and now want to switch back to a regular IRA, you have until October 15, 2015, to do so without penalty.
Here’s yet another example of how people who try to create their own wills, using a form taken from a book or the Internet, often shoot themselves in the foot.
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