Main Menu
Tax Tips Small Business
| New Rules for Spouses Who Operate a Business Together |
| Do you qualify for simplified reporting? Spouses who operate a business together have a new option for reporting their business income. In the past, husband and wife joint owners were considered a partnership for reporting purposes. New rules, which took effect this year, give spouses the option of reporting their business income as two separate sole proprietorships. |
| Read more... |
Small Business Quick Tip
|
|
| Refinancing Your Home Mortgage |
|
What's deductible and what's not? While there are benefits to refinancing your home mortgage, most refinancing costs are not deductible on your tax return. There is one exception, however. The amount you pay for points, or prepaid interest, may be amortized over the life of your new loan. Although this might not amount to much when you spread it out over 15, 20, or 30 years, don't file away your closing papers quite yet. When the note is paid off, you may deduct the remaining interest attributed to the points you paid the first time you refinanced. However, according to the IRS, refinancing must be done at a different lender. In addition, the closing costs may reduce the taxable gain when you sell your home.
|
Wednesday, 08 September 2010
Tax Tips Personal
| Are You Putting Investments in Your Child's Name? |
| New rules tighten your options Beginning with the 2006 tax year, children, under the age of 18 who have unearned income in excess of $1,700,are taxed at their parent'shigher rate. Previously, |
| Read more... |
Personal Quick Tip
|
|