Tax News

June 30, 2009 12:00 am

When you engage in an activity without having a profit motive, deductible losses from the activity each year cannot be greater than income from the activity. The IRS has now released an audit techniqu...

June 29, 2009 12:00 am

The value of vacation properties, like the value of principal residences, has fallen on average by 25% in this dismal housing market. The number of sales has plummeted as potential buyers are squeeze...

June 25, 2009 12:00 am

Homeowners at risk for defaulting on their mortgages may qualify for pay-for-performance payments under the Home Affordability Modification Plan (HAMP), a program that is part of the Homeowner Afforda...

Deduction for Taxes on New Car Purchases in States with No Sales Tax
June 17, 2009 12:00 am

The American Recovery and Reinvestment Act of 2009 created a new deduction for state and local sales and excise taxes paid on the purchase of a new motor vehicle. But what if you live in Alaska, Delaw...

June 9, 2009 12:00 am

When school is out, what do your children do? Parents may send children to summer camp or special school programs or make other child care arrangements. Some older children may go to work. There may ...

Offer Financing to Sell Your Home?
June 8, 2009 12:00 am

In today's real estate market, while prices and mortgage rates have come down, many potential buyers still cannot qualify for a mortgage. If you're selling a home, consider becoming the "banker" and h...

June 7, 2009 12:00 am

Changes in the tax law provide several breaks for purchasing a new vehicle. These changes, combined with dealer incentives, make it a great time to purchase a vehicle. As your car ages, decide whethe...

May 19, 2009 12:00 am

In February, the president announced his $3.6 trillion budget for the 2010 fiscal year for the federal government. Now, he has fleshed out some of the income tax changes that are key to his budget; bo...

April 27, 2009 12:00 am

While the first-time homebuyer credit is designed to encourage the purchase of a primary residence by those who haven’t owned a home within the past three 3 years, it can’t be claimed unti...

April 24, 2009 12:00 am

Now that tax filing season is over, millions of taxpayers are eagerly awaiting their tax refunds. The IRS says the average refund this year is about $2,700. Some measures you take now with your tax r...

Depreciation Limits for Business Vehicle Purchases for 2009
April 16, 2009 12:00 am

The IRS has announced the dollar limits on depreciation that can be claimed for cars and light trucks purchased for business and placed in service in 2009. The limits for passenger cars are the same a...

April 14, 2009 12:00 am

Uncle Sam owes you money because you overpaid your federal income taxes. When will you receive your tax refund? It depends on how you filed your return and how you told the IRS to send your refund. F...

April 11, 2009 12:00 am

One way to pay outstanding federal income taxes is to charge them to a major credit/debit card. The IRS does not charge a fee for this payment option. There are two authorized processors that handle t...

March 27, 2009 12:00 am

The Bernard Madoff Ponzi scheme and other similar financial frauds in 2008 left thousands of investors without their money and with uncertainty about how to handle their losses for tax purposes. Now t...

March 18, 2009 12:00 am

“Small” sole proprietors (those with average annual gross receipts under $15 million in the prior 3 years) who had a net operating loss (NOL) in a tax year beginning or ending in 2008 can ...

15 Questions Your Adviser Must Answer NOW!
March 17, 2009 12:00 am

By Leland B. Hevner, President of the National Association of Online Investors I don't have to tell you that 2008 was a disaster for individual investors. It was the worst year for stocks since 193...

March 5, 2009 12:00 am

Thinking of buying a home now? You may be able to cut your 2008 income taxes if you do. If you buy a primary residence after December 31, 2008, and before December 1, 2009, and you meet other eligibil...

March 4, 2009 12:00 am

Today, with high credit card balances, mortgages exceeding the value of many homes, and other debt problems, individuals may be able to work out some arrangement with lenders. If the arrangement resu...

March 3, 2009 12:00 am

While most expenditures you incur in business are tax deductible, self-employed individuals are forced to take some business-related write-offs as personal deductions rather than as business deductio...

March 3, 2009 12:00 am

When all is said and done, the bottom line on the return shows whether you owe taxes or are entitled to receive a refund. If you owe money, you may need some help; if you're owed money, you'll want t...

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Tax Glossary

Real estate investment trust (REIT)

An entity that invests primarily in real estate and mortgages and passes through income to investors.

More terms