We’ve all heard countless times to keep out tax records for at least seven years. This seems relatively simple because we can just file it away or store it in a box in the closet, right? What most of us don’t plan for is the loss of these records due to a flood, fire or [...]
Why do I need insurance? This is the first question most people ask when the subject comes to mind. You have insurance for your automobile mostly because it’s required by law. If you have a mortgage on your home, you are required to have insurance. Even if you own your home outright, or own a [...]
Recently, while applying for a loan, I had a chance to review my credit report. I was surprised to find one of the agencies reporting an outstanding loan balance that had been paid off over 5 years ago. Even though the loan no longer existed, the bank had to include the balance in their calculations [...]
New for the 2013 tax year is the simplified home office deduction rule from the IRS. Not only is it easier to determine but keeps things simpler if you sell your home in a later year. You basically take a standard deduction of $5 per square foot of your home that is used for business, [...]
Thanks to an extension through 2016, you can still get an energy efficiency tax credit for the cost of the alternative energy equipment for your home. This tax credit is 30% of the cost of alternative energy equipment you installed on or in your home. Qualified equipment includes solar water heaters, solar electric equipment and [...]
The deadline for making a 2013 IRA contribution is April 15, 2014. This deadline is applicable to all investors, even those with a tax-filing extension. Prior year contribution (PYC) checks sent by mail to your investment institution must be postmarked on or before April 15, 2014. Â
Are you aware that the use-it-or-lose-it rule for Flexible Spending Accounts (FSA) was changed in 2013? Beginning with the 2013 tax year, all employers are required to give employees a choice of either a three month grace period after the end of the year to use the FSA amounts for the previous year, or allow [...]
The offices of American Tax & Financial Group will be closed today, Wednesday, February 12, 2014, due to snow and ice in the Atlanta area. Â While the snow and ice may be keeping us off the roads, we will be busy working remotely. Â Our phones have been forwarded and we all have access to email. [...]
Most of us know that IRA contributions can be made retroactive to the previous tax year. What most of us don't know is that if the contribution check is not properly labeled, the receiving firm will, by default, apply it to the tax year in which it is received (i.e., 2014). When making a contribution [...]
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