Tax-exempt organizations are required to file annual reports with the IRS by the 15th day of the fifth month after their year-end. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990. For calendar-year organizations, the filing deadline for 2012 reports is May 15, 2013.
Tax rules are daunting at the best of times – and they’re more so at the worst of times, such as during a divorce, when you may feel too stressed to face decisions involving your taxes. Yet the choices you make will affect your future, both financially and personally. Here’s where to start. Filing status. For tax purposes, the timing of your divorce matters. The date of your final decree determines your filing status, which in
Do you know where your money is? If some of it is offshore, you might have tax reporting responsibilities – and those responsibilities generally go further than checking the familiar box on the Schedule B you submit with your federal income tax return. Here are two. FBAR. Foreign bank account reporting has been required since 1970, so you may be familiar with “Form TD F 90-22.1,” commonly known as “FBAR.” Unless you qualify for an exception,
Average rents for apartments, offices and retail space are continuing their upswing, but the rate of increase is flat or slowing down. The average apartment rent in the U.S. in the third quarter was $1,090, according to research firm Reis, Inc. That’s an increase of 0.8%, down from 1.1% in the previous quarter. The apartment vacancy rate was 4.6%, down from 4.7% in the second quarter. That’s a big drop from the roughly 8% rate in
New federal rules will make it easier and quicker for homeowners to qualify for a “short sale” of their property. A “short sale” occurs when a home is worth less than the amount owed on the mortgage. The lender agrees to accept less than the full amount of the loan, and the owner is able to escape the mortgage debt and avoid foreclosure. In the past, short sales have often bogged down in delays and cumbersome
A new 3.8% tax on investment income will take effect in 2013, and will affect many people who have rental income or who sell real estate. The tax was included as part of President Obama’s health care law. It applies to single filers with adjusted gross income over $200,000 and married filers with adjusted gross income over $250,000. (It also applies to trusts and estates with undistributed investment income of more than about $12,000.) The IRS
Mortgage rates have been at historic lows, but a lot of people still have trouble getting a mortgage because the lender makes them jump through hoop after hoop after hoop. What most people don’t know is that a big reason this is happening is something called “put-backs.” About 90% of the home mortgage loans in the U.S. are sold by the lender to federal agencies or to government-sponsored companies, chiefly Fannie Mae and Freddie Mac. These
Before the financial crash, the conventional wisdom was that it was almost always better to own a home rather than rent. It seemed like home prices always went up, so there was no reason to pay a landlord if you could pay a mortgage lender instead and build up equity every month. Since the crash, however, home price gains are more uncertain, and many people are crunching the numbers and concluding that they’re better off renting.
Tax-exempt organizations are required to file annual reports with the IRS. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990. The deadline for nonprofit filings is the 15th day of the fifth month after their year-end. For calendar-year organizations, the filing deadline for 2012 reports is May 15, 2013.
With a franchise, you don’t have to start a company from scratch. Whether the business sells fast food, automotive services, gourmet coffee, or dry cleaning, successful franchises are usually based on a proven business idea and a recognized brand name. The best franchisors can jump start a business by providing staff training, location advice, and detailed operations manuals. And some have ongoing relationships with financial institutions, which can help when you’re searching for start-up capital. But
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