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Are There Advantages To Owning A Second Home?

Jon Neal, Tax Advisor, Tax Blog, Milwaukee, Wisconsin, USA, TaxConnections

Whatever the location, size, or value of a second home, certain tax advantages are built in. However, your opportunity to benefit from them depends on how you use the property.

Personal Use

Both property taxes and mortgage interest are as deductible for a second home as they are for your primary residence — and are subject to the same limitations. If you file a joint return, you cannot deduct interest on more than $1 million of acquisition debt ($500,000 for married persons filing separately) on one or two homes. Read more

What Is A FTE? What Is A Seasonal Employee?

My friend, confidant, mentor and expert in the procedural ramifications of ObamaCare, Debbie Nash of D. Nash & Associates, got to talking with me about some of the nuances of this legislation and our discussion quickly digressed into what the definition is of a ‘Full Time Equivalent’ (FTE) employee for IRS tax purposes. One of many reasons I appreciate time together with Debbie is our electrifying and challenging conversations. She keeps me on my toes continually pushing me to be a more astute student of the Internal Revenue Code.

After deliberate debate and further review it quickly became apparent to me that part of this precedent setting legislative action is to simply create long term jobs for the legal industry simply because there are so many unanswered questions. One on the menu today is how Read more

Investments In Foreign Pensions And Annuities

I always liked the interestingly unique name, Phileas Fogg from “Around The World in Eighty Days”. Having traveled the world through books, I always wondered how different life would have been if I had the chance to live and work in many different countries!

Not so much any more as I encounter clients, many US citizens who were based out of the country for a few years. Especially those who could have contributed into or had employers contribute into their then resident country’s retirement accounts. These were either mandated by the resident’s country’s employer rules or were used as a tax saving strategy.

What is a foreign pension or foreign annuity?

Read more

Estimated Tax Payments Due June 16th!! Don’t Forget!

Tips On Making Estimated Tax Payments

If you don’t have taxes withheld from your pay, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you’re self-employed you normally have to pay your taxes this way.

Here are six tips you should know about estimated taxes:

1. You should pay estimated taxes in 2014 if you expect to owe $1,000 or more when you file your federal tax return. Special rules apply to farmers and fishermen.

2. Estimate the amount of income you expect to receive for the year to determine the Read more

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