I started my tax career in a national CPA firm a long time ago. What shocked me about filing taxes with this particular firm was that it was charging $250 to prepare a simple tax return. What’s the big deal? Back then, $250 got you a nice two-bedroom apartment. Today, that same apartment would run [...]
You think you made a mistake? Let me tell you about the time I made a $90,000 error. It was very embarrassing. This $90,000 was the very first entry I had made into the tax software for the client. When the return was finalized after two months of work, the $90,000 had disappeared. It turned [...]
Right around this time of year, the tax dance heats up and the pace gets frantic. It’s the time when tax professionals have to try to keep up with the frenetic twists and turns of emerging tax laws, deadlines, IRS announcements, and warnings. But don’t finalize your tax return just because the April 15 tax-filing [...]
People keep asking TaxMama® how much tax they’ll have to pay on something they inherited. The good news is, generally the answer is “none.” The heirs don’t pay. The estate of the decedent pays any taxes due when the estate is large enough to be subject to estate taxes. This leads to more good news: In [...]
In spring, we turn to thoughts of gardening, home repairs, refurbishments, and maybe even remodeling. Let’s look at common tasks and see what the tax ramifications are. Is anything deductible? Probably not—but don’t despair. I have some tax tips for how to find a tax credit (or two) available to you. Before going forward, set up two [...]
As people grow closer to retirement, they often start to rethink their living situations. The perfect city to raise a family isn’t always the perfect place to retire. Before you settle down for your golden years, consider some of these factors to help you decide where you should live in retirement. How will the weather affect [...]
The first quarter of the year is often when employers share information about your retirement account contributions. However, it’s a good idea to keep track of your contributions throughout the year. If your employee compensation package guarantees matching funds, then you’ll want to keep an eye on the numbers to make sure mistakes don’t slip through [...]
In most real estate markets, home prices have risen 5 percent or so in the past year, but they are still lower than they’ve been in ten years or more. Prices are expected to keep rising, so for home buyers, spring will be a good time to make that long-awaited move to a first home or move up to a [...]
WSB Radio’s Ilyce Glink Show: Refinancing an FHA loan, selling your first home and cutting back on spending. On this week’s Ilyce Glink Show on WSB radio, Ilyce explained the first rule for her concept of “rebuilding America one house at a time”—getting yourself back to ground zero. Ilyce’s idea for rebuilding America starts at [...]
Transfer on death deed vs. quitclaim deed: what's the difference? A transfer on death deed is not the same as a quit claim deed. Q: I have read many articles from you concerning quitclaim deeds. I have a very specific question related to it. Does the IRS say the grantor is giving a gift to [...]
