IRS Tax Support

First, mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home. You can also deduct points you pay to refinance your home - over the life of the loan. You can deduct points paid [...]

In traditional settlements, compensation for damages has usually consisted of a single cash payment. History has shown that this money is often unwisely managed and quickly spent, leaving no funds available to provide for future needs. Alternative arrangements know as structured settlements were created in the 1980’s. Under these arrangements the beneficiary would receive cash [...]

Many individuals receiving a stream of monthly payments under a settlement agreement don’t realize that they can sell all or a portion of their annuity payments and be paid a cash sum. Access to this money could provide funding to meet the current life needs of your family instead of waiting for a future stream [...]

In recent years, a complete settlement funding industry has been created. Companies will offer to pay for the rights to receive future annuity payments under structured agreements. These companies offer customers the benefit of direct access to cash. Discounting is not free however and the costs can be quite high. The cash price they are [...]

Formally recognized by the federal government since 1983, structured settlement payments are specified in voluntary settlement agreements between and injury victims and defendant(s). A settlement payment or annuity comes as the result of a contract between a victim and a defendant whereby the injured victim receives a stream of tax-free settlement payments as an annuity [...]

By RONALD SMOTHERS
Published: June 12, 2007
TRENTON, June 11 — A standoff over a 1-cent property tax increase led to a government shutdown last year. But on Monday, the Assembly voted 79 to 1 to allow voters to decide whether they wanted all of the proceeds of that increase to go toward property tax relief for [...]

Reminder: Most relatively simple estates (cash, publicly-traded securities, small amounts of other easily-valued assets, and no special deductions or elections, or jointly-held property) with a total value under $1,000,000 do not require the filing of an estate tax return.  The amount was $1,500,000 in 2004 and 2005.  For 2006 through 2008, the amount is raised [...]

The IRS and State taxing agencies have the power to collect back taxes by levying on taxpayers’ property as a result of a Tax Liens. When a person owes back taxes, the IRS and state agencies gain a tax lien on all that person’s assets after meeting certain statutory requirements. The tax lien attaches to [...]

FARMINGTON - The subcommittee looking at property tax relief for seniors is hoping to stage a public information session to allow residents to have input on the plan.
Council members Charlie Keniston and Michael Demicco have been looking at proposals that would provide a little more tax relief to help seniors stay in their homes longer.
But [...]