Archive for category Income
Ten Important Facts About Capital Gains and Losses
Posted by brumley in Income, Investments, Personal Finance, Tax on February 24, 2011
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you [...]
Are Your Social Security Benefits Taxable?
Posted by brumley in Income, Retirement, Tax on February 15, 2011
The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following six facts below will help you determine whether or not your benefits are taxable.
Taxable vs Non-Taxable Income
Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all.
Paying back the First Time Home Buyer Credit (..err..) Loan
Did you buy your current home between April and December of 2008 and claim the then-new federal tax credit for first-time homebuyers? If so, repayment of the credit begins this year, and the first installment is due with your 2010 tax return. You might already have received a letter from the IRS summarizing how much [...]
Own Rental Property? Get ready to send 1099s.
Starting in 2011, there is a new tax requirement for landlords. All landlords who receive $600 or more in rent for the year must send a 1099 to all service providers that the landlord paid $600 or more during the year, such as plumbers, carpenters, yard services, and repair people.
Cancelled debt can result in taxable income
Are you talking to your lender about restructuring or forgiving all or part of your business debt? You may be surprised to learn the outcome of your negotiations could lead to taxable income. Why? When you no longer have to repay a business debt because it’s been reduced or forgiven, cancellation of debt (COD) income [...]
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T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
