Real estate and property tax

Tax

Property Taxes: State-by-State Highlights

Traditional property tax bills may not continue to be a certainty. Nationwide, there are increasing efforts to seek alternatives to a tax bite that draws a lot of crossfire.
Tax

Property Tax Bill Flew Past Cheney's Radar

Liz Cheney – US Senate candidate and daughter of Dick Cheney – and her husband, Philip Perry, missed their property tax payment in 2012. Earlier that year, they bought a four-bed, four-bath home in an upscale part of Jackson Hole, Wyoming.
Tax

How State Income Taxes May Be Redrawing the Population Map

Not many political potatoes are as hot as taxes. Whatever your opinion about state and local taxes, it's prudent now and then to gauge how the prevailing rates affect a state's fiscal health overall.
Tax

IRS: Proposed Regulations and Policy Change

The IRS has proposed regulations which would change the way costs are allocated on properties a taxpayer buys for resale purposes. In addition, the IRS announced a policy change in Rev. Proc. 2012-39.
A&A

Summer Rental Season Kicks Off - Extra Tax Points for Owners

According to a new survey by Deloitte, more Americans will be traveling this upcoming Memorial Day holiday than they did last year. This could be welcome news to clients who own rental properties as the traditional vacation season kicks into high gear. But some dark clouds still loom on the horizon . . .
A&A

AICPA's Online Calculator Estimates Yearly Taxes Paid to All Sources

The American Institute of CPAs (AICPA) has launched the Total Tax Insights calculator, a comprehensive calculator that was developed as a tool to enable taxpayers to estimate the amount they pay each year for the most common federal, state, and local taxes.
Tax

New tax legislation creates, renews many breaks

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is packed with new provisions. Following is a rundown of what you can expect from this legislation.
Tax

Update: Obama signs tax bill into law

President Barack Obama signed a tax bill into law Friday that allows tax cuts for all income levels to continue for another two years and extends unemployment benefits for the next 13 months.
Tax

Senate approves tax package that includes extending tax cuts, unemployment benefits

The U.S. Senate today gave broad bipartisan approval to a tax bill that extends the Bush era income tax rates, capital gains and dividend rates for individuals, and adjusts exemptions for the AMT.
Tax

Obama strikes tentative deal to extend tax cuts, unemployment compensation

President Barack Obama announced a compromise with Republican congressional leaders to extend the Bush-era income tax rates, extend unemployment compensation, and cut payroll taxes.
Tax

Year-end tax planning tips

As 2010 winds down, there is still plenty of time to put last-minute tax-planning techniques into play, according to Grant Thornton LLP.
Tax

Tips to consider when making year-end estate planning decisions

Big changes are coming to the estate tax in 2011 with or without Congressional action. At the end of this year, the estate tax reform passed in 2001 is set to expire. Lawmakers still have not made up their minds what to do about estate tax reform.
Tax

UPDATE: President Obama signs fix for homebuyer credit

On Friday, July 2, President Barack Obama signed into law the Homebuyer Assistance and Improvement Act of 2010, legislation designed to give homebuyers extra time to get financing and finish paperwork and still qualify for the homebuyer tax credit.
Tax

Recession has strong impact on state, local business taxes

The recession has had a huge impact on state and local business tax collections, according to a recent study. This decline has legislators scrambling to fill huge budget gaps by raising taxes and reducing government spending.
Tax

New tax forms 5405 and Schedule L complicate tax returns

Claiming the First Time Homebuyer Credit and additions to standard deduction gets complicated with new tax forms and required documentation.
Tax

Business Tax Index ranks state tax systems

In April, 2009, the Small Business & Entrepreneurship Council (SBE Council) published the "Business Tax Index 2009: Best to Worst State Tax Systems for Entrepreneurship and Small Business," which ranks the 50 states and District of Columbia according to the costs of their tax systems for entrepreneurship and small business.

Help clients take advantage of the First Time Homebuyer Credit

It's a great idea... stimulating the economy from the ground up by giving would-be homebuyers an $8,000 push. But since the purchase must complete before the credit can be obtained, for those who don't have the down payment up front, the First Time Homebuyer Credit works better in theory than in practice. Here's a reminder of the rules for using the First Time Homebuyer Credit: The credit is available to first time homebuyers, defined as an individual who has not owned a home in the three year period prior to the purchase. 
Tax

Benefits to both homeowners and lenders in new housing law

With previous efforts to aid homeowners who are facing foreclosure or whose home values are "underwater" making only a slight dent in foreclosure projections, Congress has passed carrot-and-stick legislation called the Helping Families Save Their Homes Act to encourage both homeowners and lenders to take advantage of government mortgage programs. What has changed in this new bill since the U.S. Treasury announced its foreclosure prevention plan in March is that lender participation in government plans is now required as long as consumers meet eligibility requirements.
Tax

States turn federal tax credits into cash for would-be homebuyers

How do you turn a tax credit into a cash benefit that will have the power to stimulate the economy and improve lives? That's the task that 10 or more states are taking on, in an effort to make the recently passed federal $8,000 first time homebuyers credit effective. Here's a reminder of what this credit entails and how to claim it: The credit is available to first time homebuyers, defined as an individual who has not owned a home in three year period prior to the purchase.
Tax

Home buyers can claim 2009 tax credit on 2008 tax returns

The Internal Revenue Service has announced that taxpayers who qualify for the first-time homebuyer credit and purchase a home during 2009 prior to December 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. Qualifying taxpayers who buy a home this year before December 1 can receive a tax credit of up to $8,000 or $4,000 if they are married filing separately. "For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting anothe

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