If you owe money to the Internal Revenue Service (IRS), you are not alone. According to a report cited by Investopedia, Americans collectively owe more than $130 billion in back taxes, fees, and penalties to the federal government. Digging oneself out of tax debt can be difficult, especially in the current economic environment. The good… [Continue Reading]
Tax Refund Garnishment
There are many consumers who look forward to getting substantial tax refunds each year. These funds may be used as savings, to pay for various expenses, or to pay off existing debt. Consumers who have made plans to spend their tax refunds may be concerned about the ability of existing creditors to garnish those tax… [Continue Reading]
Will You Owe Tax on Holiday Presents?
The end of the year is traditionally the season of giving, and where there are gifts, there’s also the potential for gift tax. The U.S. tax laws impose gift tax on gifts of cash or property whose value exceeds annual limits, with rates as high as 40 percent. Most people never think about what the… [Continue Reading]
Developer’s Privilege, or: How to Not Pay Taxes (Like a Developer)
One of the perks of the real estate business is that it lends itself to many tax-avoidance strategies. Here are some of the accounting tools that have recently been in news headlines because of this unusual presidential election and that property owners often employ to turn losses into tax savings. Net Operating Losses For many… [Continue Reading]
Now that the Taxes are Done
That April 15th (or this year, April 18th) deadline looms large over many of us, causing us to put all sorts of items on our financial and business plan to-do list on hold, held in a stasis until our filing is complete. But now the taxes are hopefully behind you (expect for you extension filers).… [Continue Reading]
Top 6 Differences Between Irrevocable and Revocable Trusts
You’ve finally made the decision to create a trust for yourself and your family but you come to a fork in the road: the irrevocable versus the revocable trust. Wait, what?! What’s the difference? While similar in concept, the differences are both critical and key to making an informed decision about the best device available… [Continue Reading]
Tax Refund for Depressed Housing
With all the talk of house prices rebounding after valuations tanked during the Great Recession, it may be easy to forget just how precipitously home values fell after their peak a decade ago. Last January, the Detroit Free Press reported that home prices across Southeast Michigan have risen back to 2007 levels. However, for many… [Continue Reading]
8 Tips to Maximize Your Tax Refund
With tax season quietly approaching, it’s time to think about how to maximize your returns. What if a few thousand dollars suddenly hit your bank account? What would you do with that money? That will be a reality for many Americans this tax season as, according to a recent survey by Straight Talk Wireless, Americans… [Continue Reading]
