Income Tax

Jan. 2, 2015

Homeowner Tax Benefits

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There are many reasons for wanting to have a home of your own like a place to raise your family, share with friends and feel safe and secure. While investment opportunities rank high for most people based on the fact that homeowners’ net worth is over forty times higher than ...

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Dec. 16, 2014

Don't Consider Appreciation or Tax Savings

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Appreciation and tax savings are legitimate contributors to an overall rate of return on rental real estate but what if you didn’t consider them at all. If you only looked at one or two, very conservative measurements, you might decide to invest especially knowing that there are more benefits that ...

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Posted in Income Tax
Dec. 16, 2014

What Housing Policies are in the Tax Extenders Legislation?

On December 16th, the Senate approved a one-year extension of the set of tax policies known as “tax extenders.” With the House of Representatives having previously adopted this extension, the legislation (H.R. 5771, which contains the “Tax Increase Prevention Act of 2014″) is now headed to the President ...

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Dec. 15, 2014

Why You Need a Real Estate Attorney

I recently ran across a great post by Jeff Zane - a practicing real estate attorney in West Palm Beach, Fla., and a member of the Palm Beach County Attorneys’ Real Estate Council.

The item served as a good refresher for anyone who thinks they can save money during a real ...

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Nov. 27, 2014

Verify with Your Lender

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If you have a mortgage with an escrow account to pay your property taxes and insurance, you expect the company servicing your loan to pay this year’s taxes this year so that you can deduct them on your 2014 income tax return. After all, your monthly payment includes 1/12 ...

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Nov. 11, 2014

Realize Tax Savings Sooner

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A homeowner’s tax saving benefit is generally realized when they file their federal income tax return after the money has been spent for the interest and property taxes. Some people look forward to the refund as a means of forced savings but some people need to realize the savings during ...

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Posted in Income Tax
June 3, 2014

Another Source for a Down Payment

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Most taxpayers know that they will pay a 10% penalty if they withdraw funds from their IRA before they turn 59.5 years old. There is an exception for first-time home buyers that allows a penalty-free withdrawal of up to $10,000 per person if they haven’t owned a home ...

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Dec. 17, 2013

Tips for Managing Your Year-End Taxes

The close of every year seems to bring its own uncertainty from a tax-planning perspective. Last year featured the expiration of certain temporary tax provisions and the commencement of automatic federal government spending cuts. In October the President and Congress temporarily agreed on funding the government and increasing the national ...

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Posted in Income Tax
April 12, 2013

State Sen. Davis: Property tax reform unlikely this year


In recent weeks many have joined educators, school district officials and unions in mobilizing against the tax cap.
These opponents are arguing that a tax cap would not lower anyone’s tax bill, and could instead end up costing people more in fees for programs and services as schools and municipalities ...

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March 11, 2013

Your Deduction...Your Choice

Taxpayers are allowed to decide each year whether to take the standard deduction or to itemize their deduction when filing their personal income tax returns. Roughly, 75% of households with more than $75,000 income and most homeowners itemize their deductions.

 

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The 2012 standard deduction, available to all ...

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