- Supreme Court Strikes Down DOMA
- The Supreme Court recently struck down Section 3 of the Defense of Marriage Act (DOMA), making it clear that same-sex married couples who reside in a state where same-sex marriages are legal, and in the state in which they were married, can be treated as married for federal tax purposes.
- Documenting Charitable Contributions
- A frequently asked question is, “What records are required for charitable contributions?” In recent years, Congress has passed stringent recordkeeping rules for charitable contributions as well as harsh penalties for understating taxable income. The following is a summary of the recordkeeping rules currently in effect for a variety of contribution types. This list is not all-inclusive, so if you don’t see rules that apply to your particular situation, please give our office a call.
- Did Your 2012 Roth-Converted Account Decline in 2013?
- If you converted your traditional IRA to a Roth IRA during 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease in 2013, you still have an opportunity to do something about it.
- Fast Write Off of Business Assets
- Normally, when a business acquires an asset, it must be capitalized and depreciated over its useful life. However, tax law includes some provisions that allow the entire asset or some portion of it to be written in the first year it is placed in service, providing the opportunity for very large first-year write-offs. The following is a summary of those provisions.
- Flipping Homes - A Reviving Trend in Real Estate
- Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time. The key is to find a suitable fixer-upper that is priced under market for its location, fix it up, and resell it for more than it cost to buy, hold, fix up and resell it
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