By berrich1984 April 08, 2013
The Keir Jones State Farm Agency is not only the most knowledgeable insurance agency I've ever worked with, but also the easiest, friendliest and most caring agency. They not only take the time to truly understand your insurance needs, but they help you with other important life planning decisions. The office is by far the nicest office I've seen from any insurance agent and they've truly set a standard in every aspect of their business for every insurance agent out there. Thanks Keir and team! ...read more
By jimkamili February 01, 2013
You Guys Rock ...read more
By donaldforhire at Citysearch July 03, 2011
If they were not so cheap, I would give them 1 star. In my life I have never experienced such horrible customer service. It's amazing how i felt like I walked into a fast food burger joint by mistake. I was put through AIS with a Mercury Policy, I have been told Mercury is a goog company.. I just dont trust AIS...I Hope to find something better when my policy is finished, I don't trust that everything will be ok if I actually have to file a claim.. nice huh? ...read more
With the uncertainty surrounding the economy and the future of Social Security and Medicare, you need to confidently save enough for retirement to offset any unexpected costs. During the current tax season, take these three steps to save more. Step 1: Estimate Any Retirement Savings Shortfall Run different scenarios to see how much more you may need to invest to receive income equal to your salary. As a general rule, offset any gap by first contributing more to retirement plans and then IRAs. Step 2: Determine Ways to Save More • The new 2% cut in taxes for workers who pay into Social Security means more money to pay bills, but don't overlook the opportunity to increase contributions to retirement plans and IRAs. See how much more you can save — both in your retirement plan and taxes — by increasing retirement plan contributions. • Consider contributing some or all of any tax refund or bonus to an IRA. • You may be able to free up money by determining the best tax approach — Traditional plans and IRAs, Roth plans and IRAs, or both. Learn more about key issues to consider. Step 3: Implement Your Best Options By April 18 If tax-deductible contributions to a Traditional IRA make the most sense for you, then be mindful of the deadline of April 18 to apply deductions for the 2010 tax year. You can contribute up to $5,000 ($6,000 if age 50 or older). You can also make contributions now for the 2011 tax year. By considering your best tax saving solutions now, you'll ensure having enough time to put your plan into action by the April 18 deadline. One of our experienced financial consultants can guide you. ...read more
By Taxation Professionals Inc January 27, 2011
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home's value or the taxpayer's financial condition. The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation: What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. Here's a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: • Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners. • Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. • Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. • Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income. • Non-recourse loans: A non-recourse loan is a loan for which the lender's only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences. What is the Mortgage Forgiveness Debt Relief Act of 2007? The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007. Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence. What does exclusion of income mean? Normally, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. But the Mortgage Forgiveness Debt Relief Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts? No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing separately. Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home? Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681. How long is this special relief in effect? It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012. Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income? The maximum amount you can treat as qualified principal residence indebtedness is $2 million ($1 million if married filing separately for the tax year), at the time the loan was forgiven. If the forgiven debt is excluded from income, do I have to report it on my tax return? Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return. How do I know or find out how much debt was forgiven? Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2011. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982. Can I exclude debt forgiven on my second home, credit card or car loans? Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision? Yes. The forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent. You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. I lost money on the foreclosure of my home. Can I claim a loss on my tax return? No. Losses from the sale or foreclosure of personal property are not deductible. If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt? Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case. Please contact us – 877-402-8014 – info@taxation-pros.com ...read more
By Taxation Professionals Inc January 26, 2011
We've just published a new edition of our newsletter! You can check it out on our website and get the latest information from Taxation Professionals Inc. Let us know what you think! Read It Now Here ...read more
By Taxation Professionals Inc January 24, 2011
Having motor insurance gives you peace of mind, and looking for motor insurance involves carefully comparing motor insurance. Comparing motor insurance will ensure that you receive a good insurance rate and a provider that will provide quality service when you need it most. ...read more
When you have booked a cruise, the last thing on your mind are the things that can go wrong. You probably are more concerned with the fun times ahead. Unfortunately, cruise travel insurance should come to mind, as not having coverage can create problems such as lost items or trip cancellation problems... ...read more