• Take down, clean and store holiday ornaments, decorations and
exterior lights.
• Put away all of those holiday gifts.
• While you are making room for your new gifts, take the opportunity
to go through your closet and get rid of things you haven’t used for
a year.
• Do end-of-the-year accounting and set-up a file folder for the current
year’s taxes.
Thursday, January 24, 2013
Tuesday, January 15, 2013
Friday, January 4, 2013
3 important provisions from the recently passed Federal “fiscal cliff” legislation
Here are 3 important provisions from the recently passed Federal “fiscal cliff” legislation:
· Extension
of the Mortgage Debt Forgiveness Act was included, providing protection
for homeowners seeking a short sale, a deed-in-lieu of foreclosure,
foreclosure or loan modification. Without the passage of the extension
many homeowners would be subject to additional taxes based on the amount
forgiven. The extension is through 12/31/2013.*
· Legislators also left in place exemptions for profits on home sales, and kept the mortgage-interest deductions.
· Borrowers
with mortgage insurance, from private guarantors or the U.S.
government, will be able to deduct their premiums. That perquisite had
expired at the end of 2011. The change will apply retroactively to 2012
for homeowners making less than $110,000 a year and will remain in force
this year, through 2013.
Thursday, January 3, 2013
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