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Personal Finance

We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.

RELOCATION

From time to time it becomes necessary to relocate, whether it be a move across town or across the nation. Moving can be a disruptive experience whether it be a job-related move, a retirement relocation, or simply exchanging homes within the community. Whatever the reason, these articles provide some helpful tips.

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Change of Address Notifications
If your entire family is moving to the same address and each member has the same last name, you need to fill out only one Change of Address Order form. For all other cases, each individual moving must fill out a separate form.

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Excluding the Gain from a Home Sale
You may qualify to exclude from your income all or part of any gain from the sale of your main home if you meet certain qualifications. The following are highlights of tax rules pertaining to the sale of a home (primary personal residence). These rules are complex and anyone contemplating selling a home or residential rental property should consult with this office in advance of initiating the transaction. This is one area of the tax law where preplanning can save literally thousands of dollars in taxes.

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Lighten the Load Before You Move
If you are just like most of us, after years of living in the same place, you will have collected a variety of items that you never use. Getting rid of those unneeded items before you move can save you money in three ways!

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Moving Deductions
In general, moving deductions are deductible if you meet certain qualifying tests. However, like other parts of the tax law, there are exceptions and special cases. The following is an abbreviated overview of the qualifications for domestic moves. Foreign and military moves require certain special qualifications.

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Non-Cash Contributions
When you give away household items like clothing, appliances and other goods to a qualified charity, your generosity can add up to a tax write-off if you itemize your deductions. The amount of your deduction is generally the donated property's "fair market value" (i.e., the price similar property would sell for in the open market).

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Importance of Notifying the IRS of Your Address Change
You might say to yourself, "Why would I want to inform the IRS of my change of address, since they will find out when I file my next year's income tax?" The following are important reasons for promptly notifying the IRS of your address change.

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Returns Prepared By Mail
Strong personal and professional relationships are established over time through mutual trust and understanding. Replacing such relationships, when they have such a profound impact on your financial well-being, can be both difficult and risky. This is especially true of your tax return preparation needs, where continuity is so very important.

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Keeping Old Tax Records
Taxpayers often question how long records must be kept and how long the IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute for assessing additional tax is 3 years from the return due date or the date the return was filed, whichever is later.

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