Reverse Mortgages

Reverse Mortgages

Individuals who are unwilling or unable to sell their home, and need additional income during retirement,may benefit from a reverse mortgage. Payments received on a reverse mortgage are not taxable to the individual. Tax-free Income. A reverse mortgage can be used to...
How Social Security Benefits Are Calculated

How Social Security Benefits Are Calculated

Social Security retirement benefits are based on the following: Lifetime earnings Age at time of retirement Lifetime Earnings Higher lifetime earnings result in higher benefits. The highest 35 years are used to calculate average monthly earnings. Each year is indexed...
Employee or Independent Contractor?

Employee or Independent Contractor?

In order for a business owner to know how to treat payments made to workers for services, he or she must first know the business relationship that exists between the business and the person performing the services. A worker’s status determines what taxes are paid and...
Business Expenses – Travel, Lodging and Meals

Business Expenses – Travel, Lodging and Meals

Deductible Expenses In order to be a deductible, business expenses for travel, lodging, and meals must be ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and...
Deduct Your Costs of Sponsoring Sports Teams

Deduct Your Costs of Sponsoring Sports Teams

Have you wondered what it takes to deduct the costs of sponsoring a sports team? What if you play on the team? Could you pay for the team travel expenses? Revenue Ruling 70-393 states that the monies spent to outfit and support a sports team are similar to monies...