Category Archives: Financial Planning

second home ownership

Renting Out a Second Home

second homeIn general, income from renting a vacation home for 15 days or longer must be reported on your tax return on Schedule E, Supplemental Income and Loss. You should also keep in mind that the definition of a “vacation home” is not limited to a house. Apartments, condominiums, mobile homes, and boats are also considered vacation homes in the eyes of the IRS. Tax rules on rental income from second homes can be confusing, especially if you rent the home out for several months of the year and use the home yourself. Continue reading

social security and taxes

Social Security Benefits and Taxes: The Facts

social securitySocial Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Continue reading

credit report 2

Credit Reports: What You Should Know

credit reportCreditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud–and you from identity theft. Continue reading

WORKING REMOTELY COULD AFFECT YOUR TAXES

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While some workers have returned to their offices, many have not. If you’re working remotely from a location in a different state (or country) from your office, you may be wondering if you will have to pay income tax in both jurisdictions. Continue reading

Choosing a Retirement Destination: Tax Considerations

retirementWith health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. Continue reading