The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles. For new business cars, the first-year limit is $11,160; for used cars, it’s $3,160. After year one, the limits are the same for both new and used cars: $5,100 in year two, $3,050 in year three, and $1,875 in all following years.
June 15, 2012, is the due date for making your second installment of 2012 individual estimated tax. Your check to the United States Treasury should be accompanied by Form 1040-ES. June 15 is also the due date for calendar-year corporations to make their second quarter 2012 estimated tax payment.
A small but growing percentage of real estate is being sold at auction. The advantage of an auction for a seller is that the property will definitely be sold quickly, although usually at a lower price. So auctions often attract sellers who simply want to unload a property, such as a lender that has foreclosed on it, or an executor whose heirs want cash and not real estate. Auctions often attract buyers who are looking for
The Americans With Disabilities Act was passed 20 years ago and required retail and other commercial business owners to renovate their properties to make them accessible to the disabled. For the first time since then, the U.S. government has comprehensively revised the requirements. The new requirements will go into effect on March 15, 2012. The changes include new rules for the following: van-accessible parking, maximum height and “reach ranges” for certain objects, service animals, communication devices
Karen George had a lovely apartment on New York’s Upper West Side, except for one thing – her downstairs neighbor, the pop star Madonna. According to George, Madonna had people over to her apartment for an hour and a half to three hours every day to conduct dance training and exercise routines. During this time, Madonna played loud music. According to George, the music was “deafening” and caused her walls and floors to shake. She says
Home appraisers are the unofficial umpires of residential real estate sales, deciding whether offering prices are fair or foul. But much more often than in the past, they’re striking out deals and sending buyers and sellers back to the dugout. Each month, between 10 and 20 percent of real estate agents are seeing accepted offers to buy a home founder or collapse as a result of appraisals that came back too low, according to recent surveys
Medicare will cover a nursing home stay entirely for the first 20 days, as long as the patient was first admitted to a hospital as an inpatient for at least three days. But a growing number of seniors are finding that Medicare won’t pay for a nursing home stay because they weren’t actually “admitted” as an inpatient at the hospital – they were merely held under “observation.” Frequently, these patients have no idea that they weren’t
The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2012. If you itemize your deductions, you can generally 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
A part of the new federal health care law that would have set up a voluntary, government-run insurance program for long-term care has been scrapped by the Obama Administration. The program, known as the “CLASS Act,” would have allowed people to pay monthly premiums for five years, after which they would be eligible for future benefits to help pay for long-term care services that are not covered by Medicare. But the Administration has concluded that there’s
Many power of attorney and health care proxy documents that were created years ago should be revised now as a result of a federal medical privacy law. The law, known as HIPAA, generally prevents health care providers from disclosing your personal medical information to anyone but you and someone you’ve named as your “personal representative.” Medical privacy is a good thing – but the law can create complications.
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