According to a recent Boston Globe article entitled Owners out, vacationers in, more and more Cape Cod residents are opting to move out of their homes for the summer to share in the lucrative summer rental market. However, as discussed in the upcoming Beliveau Law Group June Tax newsletter there are tax implications that you need to consider before renting out your home. There are contractual pitfalls which need to be considered as well. What are
To read the May 2011 Elder Law Newsletter as e-mailed to our clients, please click below. Elder Law Newsletter May 2011
The IRS has announced a live webinar on June 22, 2011 at 2 p.m. EST on the examination process for employment tax returns. Clink on the link below for more information: June Webinar link
The Kaiser Family Foundation has issued a brief on Chairman Paul Ryan’s proposal to overhaul Medicaid and convert federal funding to a block grant. Implications for a Federal Block Grant for Medicaid
Suppose you’re selling your business, and it’s worth $400,000. You’re offered $210,000 down and lump sums of $100,000 at the end of year one and year two. Should you take the offer? Most people know that $1,000 now is worth more than $1,000 a year from now. Here’s why: 1. Inflation: In a year, a dollar will buy less than it would today. 2. Risk: Over time, the risk increases that some of the money owed
There’s good news if you’re concerned about estate taxes. For the next two years (2011 and 2012), the value of your estate that’s excluded from tax is set at $5 million. And the top rate on taxable estates is 35%. The $5 million exemption is per person, thus a couple’s exemption is $10 million. Also notable in the law is the new portability of unused exemptions. Under prior law, couples frequently performed complex estate planning to
On April 14, 2011, President Obama signed legislation – the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011 – repealing expanded reporting rules for businesses and landlords that had been created by laws passed in 2010. Business reporting. The Form 1099 reporting rules were changed by the 2010 health care legislation. Under the Patient Protection and Affordable Care Act of 2010, every business, charitable organization, and governmental unit was required to
Sunset was postponed last December, at least in the world of taxes. Many existing laws, which had been due to expire, or “sunset” at the end of 2010, were extended through 2012. At the same time, new rules that can impact your tax planning came into effect. With so many changes, you’ll want to make sure you understand the possibilities available to you as you undertake your tax planning for 2011. Here are some suggestions. Business
Monday, April 18, is a red letter day in the world of taxes. It is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines. Filing 2010 income tax returns for individuals. If you cannot file your return by this deadline, be sure to file an extension request by April 18. The automatic extension (you don’t need to explain to the IRS why you need more time) gives you until
The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2011. Generally, you can deduct part of your premiums if the premiums, together with your other unreimbursed medical expenses, amount to more than 7.5 percent of your adjusted gross income. The maximum amount of premiums you can deduct each year depends on your age at the end of the year: Age Maximum
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