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A disaster loss is a loss attributed to a casualty occurring in an area declared by the President of the United States to be a disaster area entitled to federal assistance. Thus, in order to qualify as a disaster loss, the loss must also qualify as a casualty.

Brexit is an abbreviation for the term “British exit.” On June 23, 2016, a referendum was passed by voters in the United Kingdom approving the exit of the United Kingdom from the European Union.

In our May 2015 newsletter article “Understanding Reverse Mortgages,” we presented an overview of what reverse mortgages are all about.

If you’re an investor who is looking to sell property, IRC Sec 1031 has good news for you: you can defer any and all capital gains by reinvesting the proceeds of your sale into new property. As IRC Section 1031 (a)(1) states:

Many people use the term “tax planning,” but it is often misunderstood. It is the art of learning how to manage your affairs in ways that postpone or avoid taxes. Skilled tax planning means more money to save and invest, and it can make the tax season more of a financial boost instead of a financial burden.

Did you know that under current law, any family or individual who pays a household employee more than $2,000 (2016) a year must withhold and pay Social Security and Medicare taxes, also known as FICA.

So what happens when you inherit retirement plans? It all depends on the type of account. It also depends on whether the beneficiary is a spouse. Those variables will determine the rules that govern how the inheritance is taxed and what options are available.

With the amount of taxes the IRS already collects from taxpayers—as well as the ever-increasing cost of living self-employed—tax payers can ill afford to overlook claiming as many deductions as the IRS makes available.