Home Office Deduction Simplified, beginning with the 2013 tax year, the IRS is making a simpler method available for calculating the home office deduction. At their option, taxpayers may claim a standard rate of $5 per square foot for the qualified business use of their home instead of using a prorated portion of their actual […]
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Should You Have Long-Term Care Insurance? The prospect of running out of assets or not having enough income to live on in old age is a scary one. Even individuals who have saved diligently for retirement may find themselves in a financial crisis if they end up needing an extended period of long-term care because
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Prepaying Your Mortgage – A Good Decision? in this time of low interest rates, does it make sense to prepay your mortgage? The earlier you pay off your mortgage, the more interest you may save. Even if your mortgage rate is relatively low, it may be difficult to find a conservative investment that would pay you
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Tax Milestone, your local store probably carries special cards for the birthdays that tend to be milestones in ordinary life. Although taxpayers shouldn\’t expect to receive cards from the IRS, some birthdays are especially important for tax purposes, too. Birth. You generally can start claiming a dependency exemption for your child in the year he or she
Life Insurance – Avoiding Taxes On The Proceeds, when you purchased your life insurance, you probably thought about things like how much coverage, you should have a!!d the cost. The subject of taxes may not have come up, or you may have simply assumed life insurance proceeds are not taxable. As with so many tax
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Time To Review Your Mutual Fund Investments, now might be a good time to review your mutual fund investments with a tax-wise eye toward improving your 2013 returns. For any investment, your actual return is the return you realize after accounting for taxes and other expenses paid on the investment. And, by their nature, mutual
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Deducting Student Loan Interest, financing a college or graduate school education often requires incurring at least some student-loan debt. For those who qualify for it, the tax deduction for student-loan interest can help ease the financial burden. Overview, The deduction is available for as much as $2,500 of interest annually. Taxpayers don\’t. have to itemize
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Don\’t Be Caught by Surprise, for much of 2012, uncertainty about the fate of various favorable tax law provisions set to \”sunset\” at the end of the year has complicated tax planning. Although the situation may change, as this article goes to press, taxpayers are still waiting for answers from lawmakers and weighing what planning
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Saving for Retirement Tax Benefits Can Help, setbacks in the financial markets and a long road to economic recovery haven’t made the job of saving for retirement any easier. But if you have a 401(k) or similar retirement savings plan at work, there is some good news: The basic tax benefits you receive as a
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Caution: This Estate Includes IRD, here\’s a fictional story you may find interesting if you\’re planning your estate. Ted’s Tale Ted was a successful executive. He had a large estate when he died, all of which he left to his two children, Tina and Tom. Under Ted’s estate plan, Tina will receive land valued at
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