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 2013 reports is May 15, 2014. Contact us if you need details or filing assistance.
The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease your financial stress. Don’t make major decisions right away. Put off selling your house, moving in with your grown children, giving everything away, liquidating your investments, or buying new
Many taxpayers have income on which there is no withholding, such as interest, dividends, rental or royalty income, or business income. If this is your situation, you’ll want to see if you’re required to make estimated tax payments in 2014 in order to avoid the penalty for underpayment of your taxes. The tax system is “pay as you go” by law. If you have income on which no taxes are withheld, it is up to you
Home buyers with bad credit get help from the FHA The Federal Housing Administration is making it easier for people who have experienced a bankruptcy, foreclosure or short sale to once again qualify for a mortgage. A new FHA program will help people who have such a blotch on their credit history, but who have recovered financially and repaired their credit. These people must now wait only one year to get an FHA-backed loan, rather than
A number of home improvement projects can actually lower the value of a home by turning off potential buyers, according to an interesting recent article published by Yahoo! Finance. The following projects might make you happy if you’re staying in your home for a while, but they can be a bad idea if you’re planning to sell soon, according to the article: • Converting a bedroom. Most buyers would much rather see a four-bedroom house than
About a third of all first-time homebuyers get help from their parents or other relatives in coming up with a down payment. In 2010, some 27% of first-time homebuyers received a gift of money, and another 9% received a family loan, according to a survey by the National Association of Realtors. If you’re thinking of using money from relatives to buy a new house – or giving or lending money to relatives – there are a
In a weird and unprecedented twist, “jumbo” mortgages – typically those above $417,000 – have carried a lower interest rate than standard mortgages in some recent cases. A very large number of standard mortgages are purchased or backed by Fannie Mae and Freddie Mac. Those government-sponsored enterprises won’t touch a mortgage above a certain amount, which is $417,000 in most areas (but can go up to $625,000 in some high-priced markets). Any loan above that is
The housing market has picked up steam lately, but one of the side effects of the sudden improvement is that home appraisals often take longer than they used to, and often come in with a much lower value than what everyone expected. This is causing a number of house sales to collapse. Appraisals are taking longer because there’s suddenly more demand for them, at the same time that far fewer people are working as appraisers than
ADDITIONAL INFORMATION: My father is involved in a case in probate over his decreased wife’s estate. It could be worth about 100k. If he passes away would there be a problem in continuing the lawsuit if he doesn’t have a living trust? I have POA and am executor of his estate but wouldn’t there be a period when I couldn’t do anything ATTORNEY ANSWER BY MARGARET L. CROSS-BELIVEAU: Only a personal representative/executor can continue a lawsuit
ADDITIONAL INFORMATION: Trustee will not give me the name of the Trust Protector and the purpose of this role. I was told “it doesn’t matter.” Is this something I need to know as a beneficiary? ATTORNEY ANSWER BY MARGARET L. CROSS-BELIVEAU: A Trust Protector is a person who oversees the trustee’s administration of the trust. A Trust Protector may or may not be appointed when the trust is executed. An appointment of a Trust Protector could
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