Monthly Archives: July 2015

Claiming Insanity

Missouri courts require that when a person is declared mentally incompetent, that person cannot be tried, convicted, or sentenced of a crime. In order to be declared mentally incompetent, the jury must decide that you are mentally incapacitated and then … Continue reading

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Mortgage Interest

Anyone who owns a home as their primary residence and has a mortgage on the property can deduct the mortgage interest as an itemized deduction on Schedule A of their personal income tax return. In order to deduct the amount … Continue reading

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Medical Expenses

If you itemize your deductions for a tax year, then you may be able to deduct your personal medical expenses. The expenses, if deducted, are reported on your Schedule A. Unfortunately, you are only able to deduct the amount of … Continue reading

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Canceled Debt

The cancellation of debt, meaning any debt you are personally responsible for, can be taxable to you. Around the office, we call this “phantom income” or “ghost income” because it is not actually money that you received, but the IRS … Continue reading

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Social Security

  If you, or someone you know, receive Social Security benefits or will receive them soon, here are a few tips for you to remember. First, if your only source of income is Social Security, then your benefits will not … Continue reading

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Vacation Property

When you have real estate that generates rental income for you, you must report your rental income and rental expenses on Schedule F of your personal tax return. However, there are certain limitations that can apply if you use the … Continue reading

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Rollovers

A rollover is when a person withdraws or takes money out of one retirement account and moves it to another retirement account. If done correctly, then the transfer of money from one account into another is not taxable. One requirement … Continue reading

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Pensions

There are two general rules when it comes to the taxation of pensions. The first rule is that any money you receive from a pension or retirement plan that you did not contribute to or you used tax free money … Continue reading

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Capital Losses

While the basics for capital gains apply to capital losses as well, there are a few special rules that apply to capital losses. First, you cannot deduct any losses that you incur as a result of selling your personal-use property. … Continue reading

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Capital Gains

Almost everything we own and use is a capital asset. Some examples are a home, household furnishings, stocks, or bonds. Any time a capital asset is sold, the difference between the selling price and what you paid for it originally … Continue reading

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