The IRS has revealed that its level of service to U.S. taxpayers is expected to decline due to a combination of factors – increased workloads and cuts to the agency’s 2015 budget. The increased workloads are partly associated with new tax issues related to the Affordable Care Act. The budget cuts will impact how the IRS is able to respond to customer service telephone and written inquiries. Also notable: the budget cuts could result in taxpayers
Breakeven analysis is an important and useful tool in business. Whether starting a new business, expanding current operations, contemplating an acquisition, downsizing, or approaching banks and other potential lenders, one should know what the breakeven is. Breakeven is simply the point at which costs equal income – no profit, no loss. It’s an excellent starting point for finding out where the business is and where it can go. It’s the first step in planning future growth.
The tax law requires that certain tax numbers be adjusted for inflation each year. Because inflation was minimal in 2014, most of these numbers are unchanged or change only slightly for 2015. Here are some of the 2015 tax numbers you’ll need to use in this year’s tax planning. The standard mileage rate for business driving increases from 56¢ per mile to 57.5¢ per mile, effective January 1, 2015. The rate for medical and moving mileage
February 2 – Employers must furnish 2014 W-2 statements to employees. Payers must furnish payees with Form 1099s for various payments made. (The deadline for providing Form 1099-B and consolidated statements is February 17.) February 2 – Employers must generally file annual federal unemployment tax returns. March 2 – Payers must file information returns, such as Form 1099s, with the IRS. This deadline is extended to March 31 for electronic filing. March 2 – Employers must
Some 33% of sales of existing homes (as opposed to brand-new homes) are now cash-only deals, according to a survey by the National Association of Realtors. The number of sales in which the buyer doesn’t take out a mortgage began to increase a few years ago during the recession, because well-heeled investors were purchasing large numbers of distressed properties with the goal of rehabbing and flipping them. But according to the survey, in the last few
Fannie Mae and Freddie Mac, the quasi-government entities that insure or repurchase a high percentage of mortgages in the U.S., will continue to back mortgages as large as $417,000 – and as large as $625,500 in some high-value areas. That’s the word from the new director of the Federal Housing Finance Agency, which oversees the two mortgage giants. This is good news for buyers who want to take out larger mortgages. Mortgages of more than Fannie
One of the simplest ways for a first-time homebuyer to obtain a mortgage is with a loan insured by the Federal Housing Administration. The FHA doesn’t make loans, but it insures them for lenders. This makes lenders much more willing to offer a mortgage, because if the borrower defaults, the FHA will be on the hook. FHA loans often require a down payment of as little as 3.5 percent, and can be obtained in many cases
Sales of vacation homes have been rising sharply lately. Across the country, the number of vacation homes sold last year was up 30% from the year before, according to the National Association of Realtors. Vacation homes now account for 13% of all home sales. The median price last year was $168,700. Interestingly, most vacation home buyers are under age 45. Many people have long dreamed of owning a second home, but buying one can seem like
Mary helped me in a great way that she … provided help throughout the whole case. I would strongly recommend her for real estate cases and other related cases as well. ~Linglan, a Real Estate client
Mary did an outstanding job representing us in the recent purchase and closing of our new home. She is a knowledgeable attorney and a pleasure to work with. We would gladly use her again for other real estate matters. ~Frederick, a Real Estate client
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