Taxpayer says: Last year, my husband came into a little money. He bought a few acres in the middle of the state and put a motor home on it. He plans to build a cabin on it. Since it’s not a second home yet can we get any tax breaks on it? Taxgirl says: Who…
Republicans in the Senate have made it clear that they are not fans of President Obama’s proposals to close international tax “loopholes.” Specifically, Senate Minority Leader Mitch McConnell (R-KY) decried the proposal, claiming that, “Amount to a tax increase during a recession, which would likely drive jobs overseas.” Of course, the Obama administration is painting…
It’s Getting to Know You Tuesday! Today’s featured tax pro is Tax Manager Monica A. Lawver. Yes, it’s Lawver. I keep thinking it’s Lawyer with the y cut off – but I would be wrong. Monica works with Thomas York, LLP, out of California, only she lives in Ohio. Intrigued? Keep reading… 1. Where are…
The Obama administration is planning to announce steps towards his promised “massive overhaul” of international financial regulations this morning. Administration officials do not expect the announcement to be popular. So, the good news first. Obama will announce plans to make permanent a research tax credit that was to expire at the end of the year….
Taxpayer asks: Hi Tax Girl QuestionIf someone pays my Credit line directly. i.e. they write a check directly to my bank to lower my credit line balance.with their after tax dollars. Is this taxable income to me. Taxgirl says: It depends on who that “someone” is… In most cases, this would be considered a gift…
Last week, I was sitting on a panel for the Pennsylvania Bar Institute. My topic was holding business interests in trusts. While many of the other panelists had to craft their talks in terms of federal estate taxes, my topic touched on a much broader range of issues – including a topic that is of…
Congrats to Jerome Glasser, a 3rd-year law student in the Virginia Law Reader Program Sponsored by Juan Chardiet, Esq “I’m a-livin’ in a box… I’m a-livin’ in a cardboard box…” Lyrics to a real, 1987 song entitled: “LIVING IN A BOX” (Vere/Piggot) Condolences on the death of your spouse; Now get crackin’ on sellin’ your…
Alexander Hamilton started the US Treasury with nothing and that was the closest our country has ever been to being even. Will Rogers, humorist
It’s Fix the Tax Code Friday! This week, I’ve been researching federal energy tax credits for an Earth Day post that I’m writing (yes, I’m aware that Earth Day is long gone – wait for the post, you’ll get it). I’ve been intrigued to see the reactions on both sides of the aisle about tax…
Philadelphia has joined a long list of US cities grappling with budget woes in the midst of falling revenues and increased expenditures. This week, things grew dimmer as Mayor Nutter and City Council failed to work out a compromise to address the deficit. There is no question that taxes will increase: it’s more a question…