Recently a new client came to us. The Internal Revenue Service (“IRS”) was looking for $262,532 in back taxes. This was from the sale of their home two years ago. Form 1099-S Reporting Requirements Attorneys that handle real estate closings…
Recently a new client came to us. The Internal Revenue Service (“IRS”) was looking for $262,532 in back taxes. This was from the sale of their home two years ago. Form 1099-S Reporting Requirements Attorneys that handle real estate closings…
1) Maximize Your Contributions to Your 401(k) Plan Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a…
1) You Don’t Have a Capital Gain Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase…
1) The Long-Term Capital Gains Rate is Going Up Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules. The…
Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to…