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The Latest News

19
Nov

Choosing a Fixed or ARM Option

One of the most important decisions a homeowner will have to make when deciding to re-finance their home is whether they want to refinance with a fixed mortgage, an adjustable rate mortgage (ARM) or a hybrid loan which combines the two options. The names are pretty much self explanatory but basically a fixed rate mortgage …

25
Oct

What is a 401(k)?

When searching and sifting through copious amounts of confusing and conflicting information concerning financial retirement savings and plans it is quite likely that you have come across the term 401(k). You may have wondered if that was the newest robot in the Star Wars saga but the truth of the matter is that it is …

27
Aug

The Taxing Side of Refinance

If you’ve refinanced lately, congratulations. You’ve undergone the tough scrutiny of a mortgage lender and have been rewarded with a lower monthly mortgage bill. Come April, though, you may wonder if the hassle of refinancing was really worth it. That’s because shaving interest off your mortgage means you’ll take a smaller interest deduction when calculating …

27
Aug

Tax Q&A: How to avoid penalties on estimated taxes

USA TODAY readers submitted tax questions, and here are the answers from members of the American Institute of Certified Public Accountants.    Q: Are costs from an auto accident that was ruled not my fault deductible? The offending party and/or his insurance company has not paid for medical costs due to the lack of insurance or ability …

27
Aug

Individual Taxation: Digest of Recent Developments Part 2

  The Tax Court held that a taxpayer with a home-based tax preparation business was not entitled to deduct lodging expenses incurred to get away from her clients during tax season because they were nondeductible personal expenses. A nonresident alien who filed a joint income tax return was not subject to the Sec. 6048 foreign …