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Tax advice articles and tax strategies for individuals, employees, and small business owners. |
Foreclosures and Cancellation of Debt |
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23 June 2010 |
Are there any tax consequences?
If you lose your house in foreclosure, there may be some tax consequences. If you were personally liable for the debt, you must report a sale for the lesser of the debt outstanding or the fair market value (FMV) on the date of foreclosure. If you were not personally liable, the sales price equals the debt outstanding. Up to $250,000 ($500,000 on a joint return) of any gain on the sale may be excluded if you owned and used the home as your principal residence for at least two out of five years ending on the date of the foreclosure. Any loss on the sale is a nondeductible personal loss.
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Want Save for Future Medical expenses |
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23 June 2010 |
Consider opening a Health Savings Account
If you are covered under a high deductible health plan, you may be eligible to make tax deductible contributions to a Health Savings Account (HSA). Contributions may remain in the account from year-to-year until you use them and can generate tax-deferred or tax-free earnings. An HSA is “portable” so it stays with you if you change employers or leave the work force. Also, the interest or other earnings on the assets in the account accumulate tax free.
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Paperless record keeping of financial and tax records |
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20 February 2010 |
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Many people receive or can download bank statements and other financial documents in an electronic format, typically portable document format or pdf. This method is an efficient way to secure financial records, important tax records such as W-2’s, 1099's, tax returns and other paper documents can be scanned into an electronic format. Copper Canyon Tax and Financial Services can provide you with a pdf copy of your tax return.
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Have you received a notice from the IRS? |
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31 December 2009 |
Have you received a notice from the IRS? What should you do?
If you received a notice of any kind from the IRS, open it, read it, and do something about it.
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Roth IRAs, is this a good place to put your money? |
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14 December 2009 |
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Roth IRAs can be more beneficial than other retirement accounts because qualified distributions are not taxable, and you don't have to take required minimum distributions when you reach the age of 70½.
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Excercising an Incentive Stock Option (ISO)? |
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30 November 2009 |
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In general, when you buy stock by exercising an incentive stock option (ISO) and don’t sell that stock in the same year, you could be subject to AMT. For regular tax purposes, no income is recognized when an ISO is exercised.
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0-Percent Capital Gains Rate |
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23 November 2009 |
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If you have owned stock with a low basis for more than a year and think the stock will continue to go up in value, now may be the time to sell it if all of the gain on the sale falls within the 10- or 15-percent income tax brackets.
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What To Do if Your Identity Has Been Stolen |
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24 September 2009 |
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If you're a victim of identity theft, the Federal Trade Commission (FTC), the nation's consumer protection agency, recommends that you take the following four steps as soon as possible, and keep records of your conversations and copies of all correspondence.
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Check Your Credit Report For Free |
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24 September 2009 |
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There is no need to pay a fee to obtain your credit report. Order a free credit report annually from each of the major credit bureaus: Equifax, Experian, and TransUnion.
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24 September 2009 |
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The battle to keep credit card offers out of your mailbox is not a lost cause. Most of those are "pre-approved," meaning they get information on your creditworthiness before sending the pitch.
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