Thursday February
- 2013
- 21
This is just a reminder that if you did a Roth Conversion in 2010 and elected to defer the tax on that conversion to 2011 and 2012, don't forget to include one-half of the conversion taxable income on your 2012 return. Read More
Tuesday February
- 2013
- 19
Home Affordable Modification Program
by Lee Reams in 1040 & Personal Finance
To help financially distressed homeowners lower their monthly mortgage payments, the Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD) established HAMP. In appropriate cases, HAMP has been offering the Principal Reduction Alternative (PRA) as part of a HAMP loan modification since the last quarter of 2010. Current plans call for HAMP to continue accepting new borrowers through the end of 2013. Read More
Thursday February
- 2013
- 14
Tax Tips for Recently Married Taxpayers
by Lee Reams in 1040 & Personal Finance
If you got married during 2012, here are some post-marriage tips to help you avoid stress at tax time. Read More
Tuesday February
- 2013
- 12
Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of their home. The deduction is $5 per square foot with a maximum square footage of 300. Thus, the maximum deduction is $1,500 per year. Here are the details of this simplified method:
Read MoreMonday February
- 2013
- 11
Ask The Expert - 2nd Home Mortgage
by Lee Reams in 1040 & Personal Finance
Question: Is it considered a loss if I rent out a 2nd home for less than the actual mortgage payment? Or If I can't rent it for more is it better to have it rented than to have it empty? If so, do I pay the difference out of my pocket every month along with maintenance fees, warranties, etc.? Read More
Thursday February
- 2013
- 7
What to Do If You Are Missing a W-2
by Lee Reams in 1040 & Personal Finance
Have you received all of your W-2s? These documents are essential for completing individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until January 31st to provide or send you a 2012 W-2 earnings statement, either electronically or in paper form. If you have not received your W-2, follow these steps: Read More
Tuesday February
- 2013
- 5
Don't wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly. Read More
Monday February
- 2013
- 4
What is the fate of your tax debt in bankruptcy?
by Andrew Jackson in 1040 & Personal Finance
Just as we can get rid of our credit card debt and unsecured loan debt through bankruptcy, we can't eliminate our IRS tax debt through bankruptcy. If you're an income tax debtor, you might be rather disheartened to know that not all tax debt can be discharged through bankruptcy. However, in some cases, bankruptcy can eliminate some back taxes that you owe to the state governments and the IRS but the devil lies in the details. Eliminating your taxes through bankruptcy is pretty tough and if your taxes don't qualify for bankruptcy and still you file bankruptcy, the IRS will be waiting on the other side to offer you with some more time through which you can repay your taxes. Read More
Get the latest news...
- Breaking News (9)
- 1040 & Personal Finance (238)
- Small Business (53)
- Mortgage (2)
- Tax Planning (2)
Question that were buzzed...




