Tax Tips for Individuals Selling Their Home

Archive for November 2014

Tax Tips for Individuals Selling Their Home

If you sell your home and make a profit, do you know that the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. If you have a capital gain on the sale of your…

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Ten Facts About Capital Gains and Losses

When you sell a ‘capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purposes. Here are 10 facts you should know about capital gains and losses: Capital assets include property such as your home or car. They also…

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Three Most Common Budgeting Errors

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in detail,…

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Tips for Taxpayers with Foreign Income

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. If you’re a taxpayer with foreign income, here’s what you should know: 1. Report Worldwide Income. The law requires U.S. citizens and…

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Cover & Rossiter Sponsors the DSCC Superstars in Business Luncheon

Cover & Rossiter is a proud sponsor of this year’s Delaware State Chamber of Commerce Superstars in Business Luncheon. The event will celebrate the 16th Annual Marvin S. Gilman Superstars in Business awards winners. These awards are given annually, and recognize small businesses and non-profit organizations for their remarkable accomplishments and exemplary approaches to business and management.…

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Warning to Taxpayers: IRS Scam Phone Calls Continue

In the last few days there has been an aggressive IRS telephone scam which has been sweeping across the country. The phone scam is performed by people posing as tax agency representatives. These individuals may call demanding immediate payment of balances due or may even claim to be trying to get more information to process…

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Supporting Organizations Under 509(a)(3) – Pay Attention!

Do you remember what you were doing in 2006? We have staff accountants here who were just starting high school, few people had heard of Bernie Madoff and there were no iPhones (2007). In 2006 the Pension Protection Act of 2006 was signed into law by President Bush. The final 100 or so pages of…

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