Any improvement you make to your home that is not a repair increases your basis in the property. Keeping up with the basis in your home is extremely important when calculating your gain when you sell.
An employer can provide many different forms of medical coverage benefits to its employees. Some are tax advantageous for the employee, while other plans are required to be included as income.
Private Mortgage Insurance protects the lender in case of default of the homeowner to pay the mortgage. It is generally required for mortgages with less than a 20% down payment.
Withholding is the method the government developed to help Americans prepay their tax bills.
If your business needs an automobile, you need to consider the tax consequences of buying or leasing the vehicle.
An employee stock purchase plan (ESPP) is a plan that allows a company to compensate a broad group of employees with options to buy the company’s stock at a specified price, usually at a discount. Many large companies use these plans as an employment incentive, giving employees an opportunity to share in the growth potential of the company’s stock. Generally, the employee is not taxed at the time the stock is purchased.
The Economic Growth and Tax Relief Reconciliation Act of 2001 included provisions that should simplify many investors’ retirement accounts, and possibly decrease the number of separate accounts needed.
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
A home equity line of credit is a secured loan, which uses the borrower’s home as collateral, and allows the borrower to draw funds as needed and offers various repayment option at variable interest rates.
You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?