It is usually to a married couples advantage to file married joint. But there may be times when it is better to file married separately. See this article by Kay Bell in Bankrate.com:http://www.bankrate.com/finance/money-guides/tax-filing-for-couples.aspxIf you have questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net amd we can discuss them.Remember, You can count on us to count for you!
Brian’s Tax Musings – What to give your preparer for house purchase
If you bought a house in 2011, you need to remember to bring the settlement statement from the house to your tax preparer. That will allow them to calculate your tax basis in the house, see if there are any points or proeprty taxes to deduct, plus other possibly important information. Also remember to bring your property tax payments and interest form 1098 (if you have taxes impounded the 1098 will cover both.)Any questions call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.Remember, You can count on us to count for you!
Brian’s Tax Musings – No exception of Penalty on Qualified Plan
You may know that if you are a first time homebuyer, you can get an exclusion from early withdrawal penalties up to $10000 if you withdraw the money from an IRA. However this doesn’t work with a 401K or any other qualified retirement plan. If you can roll the qualified plan money into an IRA, then take the money for the house down payment, that would work.Any questions? Call me at 818-317-6035 or email me at bstonercpa@sncglobal.net You can count on us to count for you!