by Renu Vardhan | Aug 25, 2008 | Finance, Tax
The mortgage interest credit is intended to help lower-income individuals afford home ownership. If you qualify, you can claim the credit each year for part of the home mortgage interest you pay.You may be eligible for the credit if you were issued a mortgage credit...
by Renu Vardhan | Aug 21, 2008 | Finance, Tax
With interest rate being low and everyone trying to refinance the mortgage and cash out – you may want to find out if your mortgage interest deduction on your tax return will be affected.IRC 163 defines qualified mortgage interest (interest you can deduct if you...
by Renu Vardhan | Aug 12, 2008 | Tax
With growing globalization, US Citizens and Permanent resident aliens have been working outside the country more than ever. They often have a misconception that since they are working outside the country, they do not have US Source income so they do not need to file...
by Renu Vardhan | Aug 5, 2008 | Housing, Tax
H.R. 3221, the “American Housing Rescue and Foreclosure Prevention Act of 2008,” was signed into law by the President on July 30, 2008 to support the failing housing market ad help the troubled homeowners. It also aims at tightening lending practices and reform...
by Renu Vardhan | Aug 4, 2008 | Tax
If you are an employer who provides allowances or reimburses employees for travel expenses, you should be aware of new published guidance regarding the requirements of accountable plans.In Revenue Ruling 2006-56, the IRS analyzed a plan for reimbursing employees for...
by Renu Vardhan | Jul 31, 2008 | Tax
The Mortgage Forgiveness Debt Relief Act of 2007 was signed by President Bush on December 20, 2007. Mortgage Debt Forgiveness:Normally a forgiven debt is counted as income for the taxpayer. However Mortgage Relief Act of 2007 allowed taxpayers to exclude income from...
