by Karla Dennis | Jul 3, 2014 | Blog
If you have completed a short sale recently or in years past you need to work with someone that is seasoned in this area of the law because it can be difficult to understand, especially if you are not familiar with it. Whether you short sale your primary residence or an investment property, there are different laws that apply to you when filing your tax return. Listen as Karla explains the difference as well as the importance of working with someone who knows the tax law when it comes to short sales. read...
by Karla Dennis | Jul 2, 2014 | Blog
Is your business in tax compliance? Are you filing all your tax returns in compliance? Are you filing the intern tax forms in compliance? When you own a business there are many different dates and forms that must be filed in order to stay in compliance. In the video Karla goes through some the most common mistakes that businesses make that causes them to be out of compliance. Don’t have your taxes be out of...
by Karla Dennis | Jun 30, 2014 | Blog
Most parents want their children to go to college with good reason. It gives you a distinct advantage when it comes to making your way in the world, but how can you make college savings fit into your tax strategy? First, you should know that a college education does come with some tax benefits, but you usually have to be in college to claim the benefits. The good news is that all that money that you are able to put aside for your child’s education has already had taxes paid so it can eventually be deducted from your taxes. Many people think that it may be easier just to take out a loan for college when the time comes because it can be deducted, but this isn’t necessarily a savvy tax strategy because it means that you will have to pay interest on top of student tuition. One great way to include saving for college as part of your tax strategy is to try to save some of your return toward a college education. All of the money that you get back from the government may be able to make you money as you find small ways to invest in a college education for your children. There may not be a lot of benefit to saving in the long term for college, but your tax strategy should never just consider the here and now. Think ahead to the money that you can deduct from your taxes as you realize you can actually afford to pay the outlandish expenses that come with a college education. Your tax strategy should always...
by Karla Dennis | Jun 29, 2014 | Blog
Karla has been discussing keys to opening the vault to your cash flow by minimizing your tax bill. Her fourth key is to have a tax conversation with your tax professional. If you don’t like the tax professional you are dealing with, you don’t want to talk to them or they don’t want to listen to you, then you’re not working with the right person. By having a basic conversation with your tax professional and providing them with all of your life’s situations, they can take information from that and help you reduce your tax bill. read...
by Karla Dennis | Jun 27, 2014 | Blog
Are you wondering whether or not you should refinance? Many Karla Dennis And Associates, Inc.™ clients ask me this question all the time. So, let’s look at the benefits and then you can talk with the gentleman to your left, Mark Latini. Lower Your Monthly Payment A mortgage refinance can reduce your monthly payments. For instance, a refinance could extend the term of the loan from 15 years to 30 years, which would reduce monthly payments. For example, the monthly payments of a $200,000 mortgage with a 7 percent interest rate would drop from about $1,792 to $1,329 by changing from a 15-year loan to a 30-year loan. read...
