Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
Will That Early Mortgage Payment I Made in December Affect My 2014 Taxes?
Smart people use the month of December to work on tax reduction strategies. One of the most common tax reduction strategies is to pay your January mortgage payment in December. If you did this, you may be wondering just how doing so will impact your 2014 taxes—the taxes you pay in 2015. If you paid [...]
Tax Deductions Extended Into 2014
Here's a quick list of the tax deductions Congress just extended to the end of the year. 1. Mortgage debt forgiveness. If you did a short sale in 2014, you will not have to pay taxes on the debt the lender writes off in the deal. 2. Deduction for private mortgage insurance. You can continue to [...]
How Old Do You Have to Be to File Taxes?
This article was written by guest blogger Eva Rosenberg. Is there an age limit when it comes to paying taxes? No. Age has nothing to do with taxes; it’s all about income. Regardless of your age, if you work for someone who pays you or if you own a business, you are required to pay [...]
The Five States with the Lowest Taxes
While the state in which you live may not seem to make much of a difference when you file your federal tax return, some people, including retirees and entrepreneurs, decide to move for state tax purposes. The option to deduct state and local income taxes or sales taxes on your federal return and the amount [...]
The Ilyce Glink Show on WSB Radio: November 30, 2014
Ilyce Glink Show on WSB Radio: Giving real estate and personal finance advice. On this week’s WSB radio show, Ilyce hosted the annual, year-end tax show with the enrolled agents, Merry Brodie and Bill Nemeth. On the show, Ilyce discusses Georgia tax topics such as the Georgia Retirement Exclusion, the income tax cut for married [...]
How Is My End-of-the-Year Bonus Taxed?
How is my end-of-the-year bonus taxed? The IRS has standardized how company's pay end-of-the-year bonuses but some employees still have questions. This article was written by guest blogger Eva Rosenberg. My firm has worked with many taxpayers and companies over the years, and I have seen employees receive their bonuses in a variety of ways. [...]
Filing Taxes Early? Six Ways to Prepare Right Now
Believe it or not, the start of the 2015 tax-filing season is right around the corner. While there has been speculation that the start of the coming filing season may be delayed (as it was in 2014), it’s never too soon to begin preparing. Not only might you get your refund sooner if you file [...]
Divorce and 529 plans: What Are the Tax Consequences?
As the cost of college continues to increase, many parents opt to open 529 plans in order to help save for their children’s tuition. These plans, which are operated by a state or educational institution, offer federal and state tax benefits and allow the donor—often a parent—to retain control of the account. When it’s the [...]
Five Tips for Fall House Hunting
Buyers and real estate agents alike have discovered that fall can be a great time for buying a home. Sellers are more willing to negotiate, and the combination of eager sellers and bargain-hungry buyers has created a home buying season that rivals the active spring season. This year’s fall season is shaping up to be [...]
Seven Things Every College Student Should Know About Taxes
The college years are an exciting and difficult time: From tuition payments to Free Application for Federal Student Aid (FAFSA) forms to full or part-time employment, college may be the first time young adults are in charge of their own finances. With more financial freedom comes added responsibility, including a duty to pay Uncle Sam. [...]