The tax law requires that certain tax numbers be adjusted for inflation each year. Because inflation was minimal in 2014, most of these numbers are unchanged or change only slightly for 2015. Here are some of the 2015 tax numbers you’ll need to use in this year’s tax planning. The standard mileage rate for business driving increases from 56¢ per mile to 57.5¢ per mile, effective January 1, 2015. The rate for medical and moving mileage
February 2 – Employers must furnish 2014 W-2 statements to employees. Payers must furnish payees with Form 1099s for various payments made. (The deadline for providing Form 1099-B and consolidated statements is February 17.) February 2 – Employers must generally file annual federal unemployment tax returns. March 2 – Payers must file information returns, such as Form 1099s, with the IRS. This deadline is extended to March 31 for electronic filing. March 2 – Employers must
Some 33% of sales of existing homes (as opposed to brand-new homes) are now cash-only deals, according to a survey by the National Association of Realtors. The number of sales in which the buyer doesn’t take out a mortgage began to increase a few years ago during the recession, because well-heeled investors were purchasing large numbers of distressed properties with the goal of rehabbing and flipping them. But according to the survey, in the last few
Fannie Mae and Freddie Mac, the quasi-government entities that insure or repurchase a high percentage of mortgages in the U.S., will continue to back mortgages as large as $417,000 – and as large as $625,500 in some high-value areas. That’s the word from the new director of the Federal Housing Finance Agency, which oversees the two mortgage giants. This is good news for buyers who want to take out larger mortgages. Mortgages of more than Fannie
One of the simplest ways for a first-time homebuyer to obtain a mortgage is with a loan insured by the Federal Housing Administration. The FHA doesn’t make loans, but it insures them for lenders. This makes lenders much more willing to offer a mortgage, because if the borrower defaults, the FHA will be on the hook. FHA loans often require a down payment of as little as 3.5 percent, and can be obtained in many cases
Sales of vacation homes have been rising sharply lately. Across the country, the number of vacation homes sold last year was up 30% from the year before, according to the National Association of Realtors. Vacation homes now account for 13% of all home sales. The median price last year was $168,700. Interestingly, most vacation home buyers are under age 45. Many people have long dreamed of owning a second home, but buying one can seem like
The average monthly apartment rent in the U.S. hit $1,099 in the second quarter of 2014, up 3.4% from a year ago. This was the 18th consecutive quarter in which rents increased, according to research firm Reis, Inc. Over the past year, rents rose 4% or more in many cities across the country, including San Francisco, Seattle, Minneapolis, Houston, Nashville, and Denver.
An “easement” is a legal right of someone who doesn’t own a piece of property to use the property for a particular reason. Many properties have easements on them, so it’s important to know about them if you’re considering buying real estate. An easement permits a third party (such as a neighbor) to use part or all of a property for a specific purpose. For instance, someone may have a right to walk or drive over
Many people have very specific preferences for how their funeral should take place. These can include where they want the funeral to be held, who should be invited, what the person will wear, who should speak, what music should be played, and who should act as pallbearers. If these things are important to you, it’s a good idea to take steps to make sure your wishes are carried out properly. You can write detailed instructions, and
Did you know that if you start receiving Social Security early, but change your mind within 12 months and pay all the money back, you can still wait until your full retirement age and collect much larger monthly benefits? In effect, after you reach age 62, you can use Social Security as a short-term interest-free loan. Although this option doesn’t make sense for most people, there are situations where it’s a good idea. For instance, a
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