DeadlineNews.Com » Taxes

Infographic: Tax refund a small windfall or a financial mistake?

Broderick Perkins — Tue, 12 Mar 2013 16:57:50 +0000

The average refund taxpayers will get this year is $3,000, the IRS says. That can be a mortgage payment, a nice vacation, or the end of a nagging debt. It's also an interest-free loan to Uncle Sam. There's are much better ways to manage that money.

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IRS offering simplified home office deduction for 3.4 million taxpayers

Broderick Perkins — Sat, 26 Jan 2013 14:00:58 +0000

Beginning with the 2013 tax return, an estimated 3.4 million taypayers with a home-based business taking the home office deduction will get a simplified option to figure the deduction.

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California Realtors push for state-level mortgage debt forgiveness tax relief

Broderick Perkins — Fri, 11 Jan 2013 14:00:35 +0000

The California Association of Realtors (CAR) is lobbying to reinstall California's expired mortgage debt forgiveness tax relief, which expired Dec. 31, along with the federal version.

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What are the financial implications of transferring home ownership?

Robert Aldana — Mon, 07 Jan 2013 14:00:22 +0000

Transferring ownership of a parents' home to adult children is a relatively simple process that requires documents from a title company, but there could be some tax consequences.

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Congress passes fiscal cliff bill with mortgage debt forgiveness tax relief, home-related tax benefits intact

Broderick Perkins — Wed, 02 Jan 2013 04:37:49 +0000

The U.S House of Representatives followed the U.S. Senate vote, passing the fiscal cliff bill as drafted by the Senate, the process, legislators kicked the deficit can down the road for another two months.

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Senate fiscal cliff bill retains mortgage cancellation relief, home-related tax benefits; House stalls for spending cuts

Special Report — Tue, 01 Jan 2013 22:22:51 +0000

The U.S. Senate's fiscal cliff vote protects most home-related tax benefits and extends other temporary mortgage relief measures, but the U.S. House of Representatives is playing spoiler, claiming the measure doesn't have enough spending cuts.

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Is home buying a safe 2013 investment?

Robert Aldana — Fri, 21 Dec 2012 14:00:12 +0000

Q: What is your outlook for the housing market? We have seen prices jump recently and I was wondering if you think this will be a trend in 2013. Do you really think it is safe to buy a home as a good investment?

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Your mortgage as a tax shelter

Mark K. Hicks — Thu, 20 Dec 2012 14:00:46 +0000

Your home is likely your largest investment you’ll ever acquire. Knowing exactly what you’re paying for it is mandatory. Unfortunately, when people map out the life of their mortgage, they often fail to consider the tax benefits associated with the ...

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Congress to consider extending Mortgage Debt Relief Act, renewing mortgage insurance tax deduction

Broderick Perkins — Mon, 10 Sep 2012 13:00:20 +0000

Congress is about to consider extending the Mortgage Forgiveness Debt Relief Act before it expires this year and when it does it will also consider retroactively renewing the mortgage insurance tax deduction, which expired last year.

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Site to See | Infographic: When is walking away from your mortgage right for you?

Broderick Perkins — Thu, 31 May 2012 13:52:48 +0000

Homeowners commit "strategic default" for a host of reasons, some good, some bad. Here's an infographic and more information on what it can cost and how it can benefit you to lose what's likely your most valuable asset - on purpose.

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The ‘Buffett Rule’ explained

Special Report — Fri, 13 Apr 2012 13:00:14 +0000

THE WHITE HOUSE – Under the current U.S. tax system, a number of millionaires pay a smaller percentage of their income in taxes than a significant proportion of middle class families. Warren Buffett, for example, pays a lower effective tax ...

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Original income tax return displays historic role of real estate as economic cornerstone

Broderick Perkins — Sun, 04 Mar 2012 20:00:31 +0000

With conspicuous inclusion of real property on the income and tax deductions pages, the original 1913 Internal Revenue Bureau (IRB) Form 1040 reveals real estate's historic and prominent role in the nation's economy.

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Invest in Leap Year’s extra day

Special Report — Tue, 28 Feb 2012 20:00:30 +0000

NATIONAL FOUNDATION FOR CREDIT COUNSELING (NFCC) – Advice to invest that once-every-four-years-extra-day in getting your financial house in order is another classic “why-didn’t-I-think-of-that” moment from a credit counseling agency out to help you become more financially responsible. So pay attention. ...

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Obama budget proposes Mortgage Debt Relief Act extension

Broderick Perkins — Tue, 21 Feb 2012 14:00:00 +0000

The Mortgage Debt Relief Act (MDRA) of 2007 is getting a vote of confidence from the Obama Administration. The administration's 2013 national budget proposal includes a provision to extend MDRA through 2014 and perhaps beyond - potentially saving you tens of thousands of dollars.

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Short sale, foreclosure, other debt forgiveness beyond 2012 could cost you tens of thousands of dollars

Robert Aldana — Tue, 31 Jan 2012 14:00:41 +0000

It may not be the end of the world, but in 2012, when the Mortgage Debt Relief Act (MDRA) of 2007 expires, it will end one of the greatest money savers available to distressed homeowners. MDRA is a federal tax ...

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