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If you became a parent for the first time in 2014, there are several tax perks you can look forward to this tax filing season. According to a recent Daily Financearticle, parents with dependent children get better credits and deductions than most other groups of taxpayers. Among the top tax breaks that come with parenthood is a $1,000 tax credit for each child that is under the age of 16. In addition to a tax credit just for having a child, parents can receive a tax credit of up to $6,000 for … [Read more...]

Most federal appeals courts are refusing to allow homeowners to forfeit their second mortgage debt when they file for bankruptcy. But, the 11th U.S. Circuit Court of Appeals, which has jurisdiction in Alabama, Florida, and Georgia has allowed homeowners to eliminate their second mortgage in cases where the value of their home has fallen below what they owe on their first mortgage. Bank of America’s appeal to the Supreme Court seeks to overturn this practice. According to the Wall Street Journal, … [Read more...]

It’s never fun to file your taxes, but the IRS is predicting 2015 to be one of the most difficult filing seasons in nearly 30 years.  A new Forbes article shares five key reasons why the 2015 filing season may be particularly challenging for both taxpayers and IRS staff.  One of the biggest contributing factors to the anticipated troubles is IRS budget woes, which have impacted staffing. Taxpayers calling to speak with a tax representative can expect to be on hold for an average of 34 minutes … [Read more...]

It is not unusual for foreclosures to increase in October as banks try to clean house before the holiday season.  However, the latest RealtyTrac foreclosure report shows that, even for October, foreclosures have increased month-to-month for the last two months at a rate that some say proves the housing market is getting worse not better. According to a new article by Housing Wire, the average increase in foreclosures for October was 8 percent over the past three years. This October, it was 15 … [Read more...]

A Wisconsin woman had enough on her plate when she suffered a heart attack at the age of 29. But, paramedics unknowingly added insult to injury by taking the unconscious victim to a hospital that was not covered by her insurance. After spending 10 days in a medically induced coma, young Megan Rothbauer woke up to hospital bills totaling $250,000. Had paramedics taken her to a hospital just three blocks from where she was admitted, her portion of the bill would have only amounted to $1,500. While … [Read more...]

Despite brick-and-mortar retailers pushing for it, Congress will not pass an Internet sales tax in the near future according to a new article by Time. The proposed Marketplace Fairness Act would have allowed states to tax online purchases made by their residents regardless of whether or not the online retailer resided in the same state. The bill, which passed last year in a primarily Democrat-controlled Senate, never gained support in the Republican-controlled House and has been tabled for the … [Read more...]

Despite a federal prohibition, state laws have relaxed nationwide to allow the prescribed use of medical marijuana. It is currently legal to purchase medical marijuana with a prescription in 23 states plus the District of Columbia. Fifteen of those states even allow users with a prescription to grow their own cannabis, which has the National Association of Realtors taking a hard look at what disclosures real estate agents should consider when selling a property where the previous owners grew the … [Read more...]

If you’ve ever wondered just how much power the IRS has when it comes to collecting unpaid taxes, an interactive quiz created by AARP’s Personal Finance Expert Lynnette Khalfani-Cox seeks to shed some light on the subject. Can the IRS really show up unannounced at your job? Can they put you in jail? Can they contact your family members? Can they take your home? Khalfani-Cox’s quick online test answers these questions and others for the more than 8.3 million Americans who owe back taxes to the … [Read more...]

All eyes are on Detroit today as Judge Steven Rhodes plans to rule in the historic Detroit bankruptcy case. If approved, the Motor City’s bankruptcy plan could help it shed $7 billion in debts. For those who haven’t had time to follow the case closely, MLive reporter Eric Lacy has compiled 20 interesting facts about the case you should know.  One of the most disturbing facts he sites is that Detroit is currently home to more than 50,000 abandoned residential and industrial properties.  He also … [Read more...]

Coldwell Banker Real Estate is empowering sellers to play an active role in marketing their home to potential buyers. The national realty company unveiled new technology today that allows sellers to share their own stories, pictures and even videos with buyers to give their unique perspective on the benefits of living in their home.  Currently real estate agents are completely in the driver’s seat when it comes to what information is shared on a property listing. This new social collaboration … [Read more...]