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.
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 . . .
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.
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.
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.
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.
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.
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.
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.
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.
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