Legislators in Colorado have proposed legislation that would create a state tax credit to offset the federal penalty for state residents who are penalized for not purchasing health insurance. The bill will be introduced in January when the state’s legislative session convenes. It is not certain whether the bill will pass; however, if it does that raises questions if other states may then follow suit with their own state tax credits. To read the full story see, “Colorado bill would use tax … [Read more...]
Looking to sell your home – – tap into the Chinese buyers market
December 25, 2013 by
If you have the right home, you may be able to sell it quickly if you tap into the fastest growing market of foreign buyers - - the Chinese. The Chinese looking to buy homes in the United States favor brand new or like-new homes that have extra amenities. Chinese buyers are knowledgeable about the area they are looking to buy and they are interested in investing in quality properties. Top cities include New York, Detroit and Chicago. For the full story read, “How to Sell Your House to … [Read more...]
Last minute exemption for some under Obamacare
December 25, 2013 by
If you are one of the roughly 500,000 Americans that meet criteria to claim the newest hardship exemption, you will be exempt from the requirement to buy insurance under the Affordable Care Act. Many Americans were shocked when their current health insurance policies were canceled after being assured they would be able to retain these policies under Obamacare. There are 14 hardship exemptions contained within the law including a recent bankruptcy filing or recent eviction. However, this newest … [Read more...]
What are the major IRS audit red flags?
December 24, 2013 by
Most of us know that if we claim high charitable contributions, are self-employed or file a Schedule C for a small side business, our chances of being audited by the IRS increase. However, there are other issues with your tax returns that can raise red flags and cause IRS agents to tag your returns for an audit. Some include claiming rental losses and taking an alimony deduction. Even something as innocent as deducting business meals, travel and entertainment expenses can cause you to receive … [Read more...]
Can Christmas Eve mediation talks save Detroit?
December 24, 2013 by
A day after Bankruptcy Judge Steven Rhodes stopped a trial regarding Detroit’s ability to borrow money, Chief U.S. District Judge Gerald Rosen issued an order requiring city officials and others to attend mediation talks on Christmas Eve. Judge Rosen, who is leading the mediation talks to in an attempt to renegotiate an agreement for the city to borrow $350 million, warned the parties that failure to attend the Christmas Eve mediation meeting could result in sanctions and even a default … [Read more...]
Dominick’s Grocery Stores Closings
December 23, 2013 by
Safeway Inc., is closing its Chicagoland Dominick's Grocery Stores, all 72 stores - an event which will cost approximately 6,000 Dominick's employees their jobs. Some of the stores which are being closed have been in operation since the 1920's. The closing of the Dominick's Grocery Stores chain will affect many. It will certainly be a hardship for many of their customers. Many of the stores are located in areas which are under-served by other grocery stores. A few of the store … [Read more...]
Protect yourself if you were a victim of the Target data breach
December 23, 2013 by
If you are one of the millions of customers that shopped at Target after Thanksgiving, you already are aware that your credit card information could be at risk. Criminals have the names, card numbers, expiration dates and security codes of shoppers who used their credit and debit cards to pay for purchases at Target. In order to protect your finances you should first check your credit card and bank statements for fraud and immediately report any signs of fraud to your financial institution and … [Read more...]
Add tax questions to your holiday to-do list
December 23, 2013 by
With only a few days left in 2013, there are several questions that you may need to ask your tax advisor now before time runs out on December 31. This is especially important if your financial situation will change in 2014 (i.e. new job, birth of a child, buying a new home, etc.). Even if you do not have time to sit down for a lengthy discussion about your taxes, a quick telephone conference may save you money in the New Year. To find out what you should be asking your tax advisor prior to … [Read more...]
Is it a good idea to have joint bank accounts?
December 20, 2013 by
Most couples assume they will eventually have a joint bank account and many parents and children share joint bank accounts. However, while there may be a few benefits and advantages of having a joint bank account, there are also disadvantages. For example, if one account holder files for bankruptcy relief, the money in a joint bank account may be subject to the bankruptcy estate. Furthermore, either party could pay debts that are solely the responsibility of that person with the money in a … [Read more...]
What documents do I need to take to my bankruptcy attorney
December 20, 2013 by
Each bankruptcy attorney will have his or her own list of documents that the attorney requires to review before giving you bankruptcy advice or when preparing your bankruptcy schedules. However, there are some documents that you should show your attorney even if he or she does not specifically ask for them. Not every person will have these types of documents but they could impact your bankruptcy filing so it is better to be safe than sorry and have copies with you when you meet with your … [Read more...]
