In a Letter Ruling, the IRS held that a second marriage and blended family qualify as an unforeseen circumstance for partial home sale exclusion. In the request, the two families had five children between them and the necessity arose that…
Introduction As of May 7, 2010, our nation’s unemployment rate remained at 9.9%. Economists have predicted that it will remain high for months and possibly the next couple of years to come. With 8.5 million jobs having been eliminated in…
Most economists seem to be in agreement that the US economy has turned the corner and is making slow but steady progress every month towards a full recovery. As of this writing, the possibility still exists that some external shock…
Q: I have just now realized that I have made a mistake on my tax return for 2009. What can or should I do to correct the discrepancy? A: If the mistake is a simple mathematical calculation, the IRS will usually…
The Tax Court found that a retired law firm partner’s guaranteed payments were reportable as ordinary income, not as a capital gain. In the case, the taxpayer was an equity partner of a law firm. Each equity partner was entitled…
Introduction It is official. The Patient Protection and Affordable Health Care Act has passed Congress and was signed by the President on March 23, 2010. The law changes the entire paradigm behind healthcare and even changes some tax rules. While…
Q: What is the difference between a living will and a health care power of attorney? A: For all practical purposes a health care power of attorney gives the power to a proxy to make health care decisions in the…
Most business owners have developed a lot of expertise at running their own business, but are not experienced in selling a business. Without professional assistance, they will often make costly mistakes if they attempt to handle the sale of their…
Two home energy tax credits for homeowners have been expanded starting in 2009. The non-business energy property tax credit is equal to 30% of up to $1,500 of a homeowner’s expenses on eligible energy-saving improvements. The $1,500 limit is for…
Introduction The tax year of 2009 has been over for months and you have already filed your taxes, or maybe you haven’t. You aren’t happy with the return you are getting or maybe you even owe money. You wonder, “Is…
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