Taxes on Mortgage Debt Forgiveness #110 The economic downturn left hundreds of thousands of homeowners underwater, and current efforts to minimize losses include measures that forgive portions of the outstanding mortgage debt. A law passed in 2007 makes debt forgiven on primary mortgages...

Advisory Services – Types of Financial Planners Less than 20 percent of all American households have a tax adviser or a personal financial planner. Why? It can be daunting to entrust your financial future to a stranger. And it’s tough knowing where to turn for help. Here we use the term “financial adviser” to cover all...

Claiming Depreciation Deductions #104 If you are completing your own tax returns, you may require a more detailed explanation of exactly how to report depreciation deductions. In most cases, your depreciation deductions will be entered on IRS Form 4562, “Depreciation and Amortization,” and then the total...

Depreciation – First-Year Expensing And Timing of Purchase #102 Section 179 of the IRS Tax Code allows a small business to deduct, for the current tax year, the full purchase price of financed or leased equipment that qualifies for the deduction. The equipment purchased or leased...

Types of Taxes - Federal Income #104 While some states do not have an income tax, all residents and all citizens of the United States are subject to the federal income tax. Not everyone, however, must file a return. The requirements ...

Advisory Services – Section 1244 Stock #104 If you’re contemplating an investment in a new business venture, it’s certainly somewhat risky, given the current economic conditions. Still, you may want to help a friend or relative get a new business...

Expenses – Local Transportation, Car #104 Maximizing deductions in the current economic climate is vital. Many small businesses rely on local travel as an important part of day-to-day operations, and expenses associated with local business...

Types of Taxes – “Green” Energy Tax Savings #112 The IRS reminds individual and business taxpayers that many energy-saving steps taken in 2009 may result in bigger tax savings next year. The recently enacted American Recovery and Reinvestment...