Category Individuals


Two New Home Energy Tax Credits

The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year, expanded two home energy tax credits: the nonbusiness energy property credit and the residential energy efficient property credit.  Both are 30 percent tax credits for different types of qualified home energy improvements.  Tax credits, unlike deductions, are direct dollar for dollar reductions in …


Reducing Foreclosure Tax Consequences, Pt. 2

According to the Mortgage Bankers Association, 1 out of every 200 homes will be foreclosed upon.  In an effort toward reducing foreclosure tax consequences associated with the cancellation of debt that often times accompany foreclosure, Congress passed The Mortgage Forgiveness Debt Relief Act of 2007 (“Mortgage Act”).  The Mortgage Act provides taxpayer relief by excluding …


What If you Can’t Pay your Income Taxes?

Another deadline has come and gone.  Perhaps many out there have not yet filed their income tax return because you know you have a substantial balance due to the IRS and you just can’t pay it right now.  Maybe you have that one project or deal that you are waiting on to come through so …


Reducing Foreclosure Tax Consequences, Pt.1

If you are a solvent taxpayer facing foreclosure on a property, you might be surprised to find yourself also owing taxes as a result of the foreclosure.  In some circumstances, if the property you lose in a foreclosure is not worth the balance of the debt owed, the IRS may consider that additional forgiven debt …


Roth IRAs Set to Become More Accessible

Roth IRAs are a great way to save for a tax-free retirement.  When you reach retirement age and take money out of your Roth IRA account, you don’t pay income taxes on it.  This provides an additional benefit over a traditional IRA because the Roth earnings are tax-free as well. The problem with a Roth …


Bankruptcy Protection for your IRA

If you are forced to file bankruptcy there are certain assets your creditors cannot normally touch.  Typically, your IRA is one of those protected assets.  It may now be necessary ensure bankruptcy protection for your IRA. A district court has recently decided that you can lose that bankruptcy exemption if you misuse your IRA.  Although creditors cannot …


A Precious Metal Investments Negative

Gold and precious metal investments have often been considered a “safe” investment during times of economic instability.  Unfortunately, the IRS has ruled privately that capital gains from the sale of precious metals in exchange-traded funds do not receive the same favorable treatment as other long term investments. Investors of exchange traded funds that include precious …


Yes, The Rich Pay Taxes

Do the wealthy pay their fair share?  The IRS has just released the statistics for 2007 on who is paying what portion of the total income tax burden in the United States, and in answer to the quesiton, yes, the rich pay taxes. The upper incomers of our nation continue to bear a record share …

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