Archive | August, 2012

Estate Planning

Estate planning is the process of planning for the disposal of property during life, at death, and after death in a manner that best carries out a person’s desires, while minimizing income, gift and death taxes. The following list contains common matters you need to arrange for, part of a comprehensive estate planning package. 5 […]

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Selling Your Residence

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Per the IRS, the home you live in most of the time is your main home. When you sell it you will typically either make money or lose money. If you make money it is called a capital gain.   A Gain Capital gains are taxable except that a capital gain of $250,000 or less […]

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Charitable Contributions

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There are two kinds of charitable donations you can make: Cash and Everything Else. Cash Donations Cash charitable donations are deductible when made to a qualified charitable organization, and are limited to 50% of your income. This 50% limit is imposed on your total charitable deduction, cash plus non-cash donations. Everything Else Goods donated to […]

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Home Office

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Home Office / Business Use of the Home If you are self-employed and you use part of your home for business, you may be able to deduct expenses for the business use of your home. These deductible expenses may include the business portion of real estate taxes, deductible mortgage interest, rent, insurance, utilities, maintenance or […]

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Capital Losses

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If you are about to sell a capital asset at a loss – stock in your company, for example – consider putting the property in joint tenancy with your spouse before the sale. The reason: If you can’t deduct the full amount of the loss, you can carry it forward. But if anything happens to […]

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