More and more people are shying away from homeownership and not just young people. According to Forbes, renters account for 36.3% of households in 2015, which is up from 33%. Also, there has been a downward shift in homeownership, declining from 69% to 63% in the last decade. [Read more…]
Bad debt expense
Does someone owe you a bona fide debt? If you tried to get your money back, the Internal Revenue Service (IRS) will allow you to take a nonbusiness bad debt deduction on your tax return. A nonbusiness bad debt is a debt that is not in connection with a taxpayer’s trade or business on the tax return. [Read more…]
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According to Forbes.com, three quarters of Americans will receive the new 1095 B or C health care tax forms this tax filing season. Because of the Affordable Care Act, often referred to as the Obamacare plan, taxpayers will have to use these forms to prove they had the required health care coverage and are not required to pay any penalties this tax season. [Read more…]