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taxes from a to z

Taxes From A To Z (2013): Y Is For Year-End Bonus

13 April 2013

Tweet Y is for Year-End Bonus. Did you get a bonus in 2012? If so, kudos. Annual bonuses are becoming a rarity these days. They are, however, still issued, either as recognition for making to the end of the year (!) or for outstanding service. No matter the reason, bonuses are considered taxable income to [...]

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Taxes From A To Z (2013): U Is For Unrealized Gains and Losses

7 April 2013

Tweet U is for Unrealized Gains and Losses. We’re in the process of selling our house. It is not worth as much this year as it was a few years ago (this, according to Trulia and other valuation sites) although it’s worth more than when we bought it. For tax purposes, we will actually have [...]

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Taxes From A To Z (2013): T Is For Tenancy And Joint Ownership

5 April 2013

Tweet T is for Tenancy. If you ask taxpayers how their assets are titled, many will simply say “joint ownership.” Under the law, however, there is no such thing as simple “joint ownership” – assets may be held jointly in one of a few different ways. For federal income tax purposes, it’s important to realize [...]

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Taxes From A To Z (2013): R Is For Recapture

2 April 2013

Tweet R is for Recapture Rule (Alimony).The rules for regular alimony payments are pretty simple. If you receive alimony payments, you report those payments as income at line 11: If you make court-ordered alimony payments, you can deduct those on your federal income tax return. The deduction is an “above-the-line” deduction, meaning that you don’t [...]

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Taxes From A To Z (2013): P Is For Passive Activity Rules

29 March 2013

Tweet P is for Passive Activity Rules. The Internal Revenue Service likes to match up income with deductions. And in most cases, when in comes to individuals, if deductions (or losses) exceed income, those deductions are either lost or limited. That’s the general idea behind the passive activity rules. When losses from passive activities exceed [...]

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Taxes From A To Z (2013): O Is For Ordering Rules

28 March 2013

Tweet O Is For Ordering Rules. Roth individual retirement accounts (Roth IRAs) have been around for a relatively short period of time. Specifically, Roth IRAs were part of the Taxpayer Relief Act of 1997, signed into law under President Clinton. They’re still fairly new, so the rules aren’t all that familiar to many taxpayers. Unlike [...]

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Taxes From A To Z (2013): N Is For Notice Of Deficiency

25 March 2013

Tweet N is for Notice of Deficiency. Few things can be scarier for taxpayers than receiving mail from the Internal Revenue Service. No matter how intimidating it might be, always open the mail. Always. Sometimes, those letters can be good news. More often than not, however, the IRS is sending you a notice because they [...]

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Taxes From A To Z (2013): J Is For Junk Fees

19 March 2013

Tweet J is for Junk Fees. If you’ve ever bought or sold a home, you’ve probably seen a laundry list of fees on your sale or mortgage papers. These fees, usually found at the bottom, are in addition to notary fees and appraisal fees, and are sometimes called “junk fees.” While a specific fee may [...]

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Taxes From A To Z (2013): I Is For IRA Rollover

17 March 2013

Tweet I is for IRA Rollover. An individual retirement account (IRA) is type of retirement plan that allows you to set aside money for later use. Depending on the kind of IRA you establish (traditional versus Roth), you can rely on tax-free withdrawals or tax-deferred growth in the future. (Quick caveat: since this topic can [...]

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Taxes from A to Z: E Is For Educator Expenses

8 March 2012

Tweet E is for Educator Expenses. Every Friday, I volunteer in my son’s kindergarten class. I am constantly amazed at how much money his teacher spends – out of her own pocket – to buy treats, prizes, awards, snacks and crafts for her students. Last Friday, she bought Dr. Seuss paper hats, put together activity [...]

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