Being in debt isn’t necessarily a terrible thing. Between mortgages, car loans, credit cards, and student loans, most people are in debt. Being debt-free is a worthwhile goal, but most people need to focus on managing their debt first since it’s likely to be there for most of your life. Handled wisely, that debt won’t …
Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012. Here are 10 things you should know about Mortgage Debt Forgiveness. 1. Normally, debt forgiveness results in taxable income. However, under the …
If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit that went into effect in 2010. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Affordable Care Act enacted in 2010, is …
Claiming the Small Business Health Care Tax Credit Read More »
Lending money to a cash-strapped family member or friend is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road. Let’s say you decide to loan $5,000 to your daughter who’s been out of work …
Lending Money to Family? Make it a Tax Free Loan… Read More »
Every business has to keep careful track of its accounting. We have an abundance of information and helpful hints to share, and this is where you can get them on an ongoing basis. When the rules change or the economy moves, we’ll be posting about it, so feel free to subscribe to our RSS feed …