July 2012

Put midyear tax planning on your summer schedule

Don’t forget to put a little tax planning on your busy summer agenda. A midyear tax review is essential this year if you want to save tax dollars and time. To get together for a check of your 2012 tax situation, give us a call. This newsletter provides business, financial, and tax information to clients and friends of our firm. This general information should not be acted upon without first determining its application to your specific

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Capital gains and losses: New twists for 2012

The end of the year is the traditional time for securities investors to “harvest” capital losses for federal income tax purposes. But there’s an added wrinkle in 2012: Due to pending tax law changes, you might try to reap more capital gains than losses. Thus, the usual strategy of harvesting losses could be turned upside down. Here’s a recap of the basic rules. The capital gains and capital losses you realize during the year are “netted”

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Supreme Court upholds 2010 health care law

In a 5 to 4 decision, the Supreme Court ruled on June 28 that most of the Patient Protection and Affordable Care Act of 2010 was constitutional. Chief Justice John Roberts wrote the majority opinion that rejected the individual insurance mandate under the commerce clause of the Constitution, but upheld it as part of Congress’s power to tax. In addition to upholding the individual insurance mandate, the ruling means that the tax changes included in the

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Tenants could be kicked out for smoking

A cooperative’s board of trustees could refuse to approve a lease renewal because the tenants smoked a lot, a New York judge has ruled. The co-op board had the right to approve or disapprove leases in the building, although it couldn’t do so “unreasonably.” In this case, the tenants lived in the building for a year and wanted to renew. During the year, the board sent two letters to the tenants complaining about the “tremendous amount

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Who’s responsible for damage from a fallen tree?

A big storm comes up and knocks down a tree in Bob’s yard. It falls over the property line and damages his neighbor Janet’s car. Is he legally liable for the damage? As with much in the law, it depends. Generally, though, Bob would be responsible if he knew the tree was in danger of causing damage to Janet’s property, or if a reasonable person in his position would have noticed the danger. For instance, Bob

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What you need to know if you’re hiring an architect

Hiring an architect to design a home, a commercial building, or a new addition can be very exciting. But there can be some traps for the unwary in the fine print of the contract, and you’ll want to have an attorney look it over in order to protect your rights. Here’s just one example: Who owns the architect’s drawings and plans? You might assume that you do, since you’re paying for them. But one of the

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More apartment and office buildings are allowing pets

Many landlords – both residential and commercial – have been trying to set themselves apart and attract more tenants by allowing pets. It’s true that pets can cause damage to a building, but it’s also true that there’s a growing demand for pet-friendly environments, and allowing pets can make a rental property much more attractive. Some 17 percent of businesses across the U.S. now allow pets at work, according to one recent survey. Most of these

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Be careful if you’re buying a condo that’s new construction

With the real estate market still in the doldrums, a lot of people are thinking that this is a good opportunity to buy a brand new condominium, rather than one in an older community. New construction has a lot of advantages – but it can also be more complicated, and there are some potential trouble spots as well. You should definitely speak with your real estate attorney before you sign anything in order to make sure

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How Social Security provides benefits for spouses

Social Security doesn’t just pay retirement benefits to retired workers. In some circumstances, it also provides benefits to a worker’s spouse, former spouse, or surviving spouse. Here’s a look at the ins and outs of spousal benefits. (But keep in mind that these are general rules, and how they apply to you could vary based on your specific circumstances.) Once you reach age 62, assuming you’ve been married for at least 10 years, you can qualify

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Senior cohousing: A new retirement alternative

Most seniors want to remain at home as long as possible, but with family often spread out all over the country, it isn’t always easy to do so. “Senior cohousing,” a new concept, allows older Americans to age at home in a supportive community. Senior cohousing consists of a group of houses or condos that are individually owned by seniors and are clustered around a common area. The design usually includes a common house with guest

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