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Category - Taxes

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 …

27
Aug

Individual Taxation: Digest of Recent Developments Part 1

In the wake of the Windsor decision, the IRS explained that same-sex and opposite-sex individuals who are in registered domestic partnerships, civil unions, or other similar formal relationships that are not marriages under state law are not considered married for federal tax purposes. A Wisconsin district court judge held that the Sec. 107(2) exclusion for …