"Too many people spend money they haven't earned, to buy things
they don't want, to impress people they don't like." Will Smith
•
Did
you know that if you sell your house after 2012 you will pay a 3.8% sales tax
on it? That's $3,800 on a $100,000 home
or $15,200 on a $400,000 home.
Unfortunately many people don't realize it's part of the new health care
bill that will go into effect 2013. Make
sure you know what you are voting for this November.
•
The
new tax law could have a major affect on Registered Domestic Partners. It states that even though they still are not
allowing RDP's to file jointly, since they are filing jointly on their
California state return, they must now combine their income for 2011 and then
each claim one half on their individual "single" federal tax return.
•
Consumers
with flex-spending accounts (FSA's, HSA's or MSA's) in which pre-tax income can
be used for medical purchases, can no longer be used for over the counter
drugs, including ones that treat fevers, allergies or acne can not be paid for
with these monies unless there is a doctor's prescription. Accounts who do not follow the new rules may
be hit with the monies which were taken out will all be considered taxable as
well as having a 20% penalty.
•
If
you are thinking about moving into your rental property for two years and then
selling it with a full exclusion, think again. The laws have changed again so
make sure you check in with your advisor before making a move...you just might
be surprised!
•
The
Estate Tax Exclusion has also been changed to $5,000,000. Great news but remember
this exclusion is scheduled to potentially change again in two
years. So..don't get too complacent!
•
The
new mileage allowance for business use of your vehicle for 2011 is now 50 cents
per mile.
•
Remember
when buying a home, you can pull money out of your ROTH up to the amount you've
contributed (in the first five years), after the first five years, you can also
pull out up to $10,000 of growth as well!
"Tidbits July 2011"
The following tid bits are from a collection of places. Regardless of their authenticity, they can make for a fun read!)
"Tidbits May 2011"
The following tid bits are from a collection of places. Regardless of their authenticity, they can make for a fun read!)
