Taxes

First Time Homebuyer Tax Credit Extention Information

Tweet It’s not too late! You may still be able to take advantage of the Government’s First-Time Homebuyer Credit. With the passing The Worker, Homeownership and Business Assistance Act of 2009, Congress extended the First-Time Homebuyer Credit and expanded who qualifies. Before you rush out and start looking for your dream home, read the following […]

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Tweet Did you know that if you are in debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable? The Mortgage Forgiveness Debt Relief Act and Debt Cancellation The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their […]

Vacation Rental Property Tax Questions And Answers – IRS Government Publication 527

Tweet IRS Government Publication 527 Residential Rental Property – Including Rental of Vacation Homes For use in preparing your 2008 Vacation Rental Property tax returns Introductory Material What’s New Reminder Introduction Useful Items Rental Income and Expenses (If No Personal Use of Dwelling) Rental Income Rental Expenses Depreciation of Rental Property The Basics Claiming the […]

HotSpot Tax Services – Vacation Rental Tax Help!

Tweet There are so many little things that go into having your own vacation rental business, and a lot of them have to be done just right or you’ll dig yourself into a hole. Being sure to pay the correct taxes at the correct times is extremely important. It can’t be said much more simply […]

Is Your Property In The Williamson Act

Tweet Enacted in 1965, The California Land Conservation Act – more commonly known as the Williamson Act – allows the State to protect its agricultural land by offering the land owners a reduction in their property taxes in exchange for not selling off the land for urban sprawl. Currently the Williamson Act is protecting 16.9 […]

US Debt Clock – Real Time National Deficit Data

Tweet You know how they say a picture speaks a thousand words? Yeah, well, this picture is screaming! It’s one thing to say America is in serious financial debt, but it’s a whole other thing to actually see it. US Debt Clock.org The site was started as a way to inform the public of the […]

What Are Typical Mortgage Payments

Tweet Just wanted to go thru a couple of typical monthly mortgage payments at different amounts… Here’s a simple mortgage calculator if you want to play around. All the calculations I did are at 8% interest, a 30 year term and a 10% down payment. Home price: 100,000 Down Payment: 10,000 Financed: 90,000 Principal & […]

What Are Typical Vacation Rental Expenses?

Tweet What Are Some Typical Vacation Rental Expenses? Things car really start to add up quick. Here’s a quick list of a few monthly expenses you may have to pay for if you own a vacation rental. Cable TV $50.00 Internet $50.00 Telephone $30.00 Cell Phone $55.00 Water $ 60.00 Electricity $100.00 Gas/Propane $100.00 Garbage […]

Free Online Classes From The Small Business Administration

Tweet Learn how to start your own business with the free online classes offered by the Small Business Administration (SBA). The list below is just a taste of all the available online courses from the SBA. Each course is self-paced for the most part, and should only take you about 30 minutes to finish. Starting […]

What is the Federal Earned Income Tax Credit?

Tweet What is the Federal Earned Income Tax Credit? The EITC, or EIC, is a refundable tax credit. Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the more widely-publicized Reagan EIC expansion of 1986. The EIC was further expanded in 1990, 1993, and 2001 […]

Free Tax Help This Saturday – March 21, 2008

Tweet The IRS is helping low income taxpapers ($42,000 or less) file their returns this saturday. It’s going on nationwide and being called the “Super Saturday” event. More info on the IRS Web Site In these difficult economic times, the Internal Revenue Service and hundreds of its community partners want to go the extra mile […]

How Much Can You Write Off On Food, Hotel And Travel Fees For Business?

Tweet Every area has what is known as a maximum per diem rate you can write off for mileage, travel, food, lodging, etc. Check the Office of Allowances web site for details on what foreign and domestic per diem rates are. No tag for this post.

Can You Buy A Life Insurance Policy On Anyone You Want?

Tweet In order to buy a life insurance policy on someone you must have what is known in the industry as an “insurable interest”. But what does that mean? Let’s say you and another person are business partners. If the other person in your 2-person business died, you would lose 50% of your labor force […]