February 28 – Payers must file information returns, such as Form 1099s, with the IRS. This deadline is extended to April 1 for electronic filing. February 28 – Employers must send Form W-2 copies to the Social Security Administration. This deadline is extended to April 1 for electronic filing. March 1 – Farmers and fishermen who did not make 2012 estimated tax payments must file 2012 tax returns and pay taxes in full.
Most taxpayers believe that a “dependent” is a minor child that lives with them. While that is essentially correct, dependents can include children and parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more to the dependent deduction than you might at first imagine. Exemptions and your taxable income. For 2012, each dependent deduction is worth $3,800, reducing your taxable income by this amount. In 2013, the deduction
The timing of taxable income and deductions for federal income tax purposes is relatively straightforward. Generally, income is taxable in the year it is earned and received. Likewise, deductible expenses incurred and paid this year can offset taxable income on this year’s return. The Internal Revenue Code is riddled with exceptions, but these basic rules usually apply, especially for calendar-year taxpayers. The tax law also includes several provisions commonly referred to as “carrybacks” and “carryforwards” (or
The delayed passage of the American Taxpayers Relief Act of 2012 has put the IRS behind schedule. Due to several provisions of the law affecting 2012 tax returns, the IRS could not open the Form 1040 filing season for the majority of taxpayers until late January. Those taxpayers filing Form 5695 (Energy Credit), Form 4562 (Depreciation), and Form 3800 (General Business Credit) will not be able to file until late February or possibly not until March.
Most of the time, when an apartment is rented, the tenant pays a security deposit that can be applied if he or she damages the property. Usually, unless the lease says otherwise, the tenant is liable only for damage to the property…not for ordinary wear and tear. The landlord is typically supposed to maintain the property and perform routine upkeep. Security deposits are normally a small matter, but in some cases, tenant damage can be a
A Nebraska couple put down a $45,000 deposit on an $885,000 home, and signed an agreement saying the purchase was contingent on the couple’s being able to get a mortgage for the remaining $840,000. Sometime later, the couple told the builder that they weren’t going to apply for a mortgage and weren’t going to go through with the deal. The builder refused to return the $45,000 deposit, and the case went to court. The result? The
The number of people who rent out space in their home…an extra room or an apartment…is skyrocketing. But many people don’t realize that doing so can create legal problems. Craigslist reports that the number of people offering to rent a room in a home has nearly doubled over the last year or so. Some of this is due to the economic doldrums. But another phenomenon is that many baby boomers whose children have grown up and
The cost of renting an apartment hit record levels in the second quarter of 2012, according to a study by Reis, Inc., which tracks real estate data. Rents increased in all 82 markets in the U.S. that the company tracks, and set new records in 74 of them, the company said. And while national data on the value of apartment buildings can be hard to come by, it appears the value of these buildings (including multifamily
A lot of lenders these days are offering a “no closing costs” option if you take out a mortgage. With this option, the lender pays the closing costs for you, but you pay a slightly higher interest rate on the loan. This can be a good idea in some circumstances. But you have to run the numbers to find out if it’s right for you. The appeal of a “no closing costs” loan is obvious: Closing
Millions of people are affected by some form of dementia. Unfortunately, many of them don’t have all their estate planning affairs in order before the symptoms begin to appear. This is another good reason to speak with an elder law attorney now, rather than putting off such a discussion. However, if someone you know has symptoms of dementia, it might not be too late to sign a will or other estate planning documents. In order for
Attorneys licensed to practice in Florida | Massachusetts | New Hampshire
Business Law | Civil Litigation | Elder Law | Estate Planning | Family Law | Probate & Trust | Real Estate | Tax
