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IRS Kicks Homeowners While They Are Down

By: Kenneth R. Harney Tax Planning Views: 4365 | Comments: 0 | Votes: 0

For homeowners who are seriously delinquent on their mortgages and hoping for relief, the Internal Revenue Service has bad news: If your lender agrees to modify your loan and forgive any of your debt, you could owe federal income tax on the amount forgiven.Think of it as the tax code's "kick 'em while they're down" rule. The Mortgage Cancellation Tax Relief Act of 2007 (H.R. Robert E. More

Mortgage Debt Relief Act Expires Dec. 2012

By: Mary Ellen Wilson Real Estate Views: 4362 | Comments: 0 | Votes: 2

San Diego, CA – EHS says “Be Concerned.” Here’s how the 2007 Act works. If your lender forgives any of your loans, it is reported to the IRS as ordinary income. That income could add over $100,000 to your taxable income. The 2007 bill forgives that tax. Congress created a bi-partisan 12-member committee to reduce the $1.5 trillion dollar tax deficit. More

Cap Rate, Cash flow, Cash on Cash Return and ROI What do they determine?

By: Richard Sorrentino Real Estate Views: 4328 | Comments: 0 | Votes: 0

A commercial property investment is a business investment. Determine the investment numbers and you will determine your success ratio performance of your investment. The following three formulas will help you to choose your level of risk, before you submit a letter of intent. Remember a commercial property is a business that is an illiquid investment. So can you." More

Budgeting - The Critical Flaw That Causes Most Budgets to Fail

By: Charles Phelan Personal Finance Views: 4313 | Comments: 0 | Votes: 0

Budgeting. It's a word we're all familiar with. Everyone knows what a budget is, right? Yet how many of us actually make and stick to a solid monthly budget? The truth is that most of us start out with the best of intentions, but an unexpected expense comes up and busts our budget. So what's the problem? Everyone knows how much their rent or mortgage payment is. Home maintenance costs? More

Fair Debt Collection

By: Frugal World Banking Views: 4305 | Comments: 0 | Votes: 0

If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor." If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector." Of course, the law does not erase any legitimate debt you owe. What debts are covered? Personal, family, and household debts are covered under the Act. More

35-year-old "temporary" unemployment tax has finally ended

By: Nole Fan Tax Planning Views: 4290 | Comments: 0 | Votes: 0

Virtually every private employer in the United States will get a tax cut today. It will not affect workers’ paychecks. But the expiration of a 35-year-old temporary unemployment tax - about $14 a year per worker - will mean real money for some big companies at a time when President Obama is pushing Congress to raise taxes on some businesses by closing loopholes. More

ECONOMIC STIUMLUS PACKAGE

By: Matthew Barrett Payroll Views: 4283 | Comments: 0 | Votes: 0

While Congress and economists debate the effect of the just-approved stimulus package on the economy, small business owners should begin to focus on the practical implications it will have on payroll, tax filings, and employee benefits. The credit will be received by workers in their net paychecks through adjusted tax withholding tables. "Paychex clients can rest assured. More

Help comes with a catch for subprime borrowers

By: Kenneth R. Harney Home Loans Views: 4276 | Comments: 0 | Votes: 0

WASHINGTON – It may be the only test you flunk if you score too high: It's called the FICO test and it is a key element of the sometimes arcane new guidelines governing which homeowners qualify for “fast track” interest rate freezes on their subprime mortgages, and those who don't. The rate freeze and loan modification program, announced Dec. Tops on the list is the FICO test. More

The 5 Budget items you should always consider

By: Kimmy Burgess Budgeting Views: 4258 | Comments: 1 | Votes: 0

Everyone falls upon hard financial times at least once in their lifetime. The majority of the population is just one or two paychecks away from being homeless according to several studies. There is something everyone can do, however, to make a financial time a bit easier. Let’s explore the five most important things to include in your budget now. All these are necessities. More

2010 Retirement-Account Contribution Limits

By: Telecom Advisor Retirement Planning Views: 4254 | Comments: 0 | Votes: 0

The maximum amounts you can stash in a 401(k), IRA and other accounts won't increase next year. By Kimberly Lankford, Contributing Editor, Kiplinger's Personal Finance October 19, 2009 I know Social Security beneficiaries will not receive a cost-of-living increase in 2010 because the inflation rate has been so low. (see A Bailout for Seniors). More