Several years back when the real estate market was red hot, it was almost a no-brainer to buy a home. A year or two later your home appreciated by thousands of dollars and was worth much more than you paid for it. We all know that this is not true now, so does it make […]
Expenses
Don’t Take “No” for an Answer!
What does not taking “no” for an answer have to do with financial matters? Plenty! Very often when we ask for something the response is “no” or is not what we wanted. This can happen when dealing with business or personal matters and it can cost you significantly. When applying for a loan, it is […]
Bad Tax Planning
Tax planning can prevent you from overpaying taxes, but it has to be done before the year is over. Good tax planning takes a proactive approach, and bad tax planning includes either not planning, breaking the law, or taking it upon yourself without using a competent tax professional. Without planning you may not be able […]
Taxable or Non-Taxable?
Which items do you think are taxable and which are not? The answers are below. Workers compensation Educational assistance Cancelled debt Expense reimbursements Fringe benefits Bartering Hosting a party and receiving payment (such as a candle party) Life insurance proceeds Unemployment benefits Federal income tax refund Taxable: cancelled debt (there are exceptions), fringe benefits, bartering, […]
Tax-Free Income from Your Home!
Did you know that you can receive rental income without paying income taxes on it? Generally, if you rent your home or vacation home for less than 15 days then you do not have to include the rent as income.
Did You Get a Surprise After Filing Your Return?
Everyone loves to receive a much larger than anticipated tax refund, but what if you unexpectedly had to pay when you filed this year? There could be several reasons why, but it’s not too late to fix it for 2015, including: Your filing status or dependents may have changed, perhaps from married to single, which […]
Penny Wise, Pound Foolish
What do I mean by penny wise, pound foolish? Saving a penny, but it costs you a dollar. Here are a few examples: Extreme Couponing: I watched an episode of extreme couponing years ago and the first thought that came to my mind, aside from obsessive, is that the coupon clippers spend way too much […]
Should Both Parents Work?
The birth of a child is one of the most amazing, memorable times of a person’s life. I remember the birth of our first daughter, Alana, and how I truly understood the expression, “walking on air.” The births of each of our other children were equally as amazing. With the birth of a child, or […]
My Customer/Tenant Didn’t Pay Me. Can I Deduct This on My Tax Return?
I get asked this question a lot, mostly from business owners. The answer to this question is that it depends. First a quick accounting lesson of cash vs. accrual. I promise not to keep it too technical! If you are a cash basis taxpayer, then you record income or sales once you get paid, either […]
What’s In Your Credit Report?
When we apply for loans, search for a job, or even take out an insurance policy, our credit report is used in the process. Your credit report shows all of your outstanding debts and lines of credit, including credit cards, mortgages, auto loans, and personal loans. Even accounts that have been closed or debts that […]