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Loan Fees

Here is a tip that I bet most of you didn’t know that could save you thousands. If you didn’t know this, spread the word among your friends: When you buy a home, you can NOT deduct or add to basis any loan costs other than points. Thus, lender required insurance, mortgage title insurance, lender...Read More

Qualifying Children as Dependents

Question of the week: My son, who graduated from college, lost his job last month and moved back home. Can we deduct him as a dependent? Sound familiar? Answer: You can if you meet the requirements. Generally, a dependent child can’t earn more than the personal exemption amount, which is $3,800 this year in 2012....Read More

Tax Policy: Obama vs. Romney

As the presidential election draws closer, understanding the tax policy of the major presidential candidates is important. Here are some of the differences: Individual Tax Rates Tax rates for 2013 are scheduled to increase for most rates with the top two rates going up the most. The top rate will increase from 36% to 39.6%...Read More