Koontz & Associates Blog

From the IRS: Time is Expiring to Claim 2010 Tax Refund

March 25, 2014
From the Internal Revenue Service: Time is Expiring to Claim $760 Million in Refunds for 2010 Tax Returns If you did not file a tax return for 2010, you may be one of over 900,000 taxpayers who may be due a refund from that year. If you are, you must claim your share of almost $760 million by the April 15 tax deadline. To claim your refund, you must file a 2010 federal ...
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Tips on Deducting Charitable Contributions from the IRS

March 24, 2014
Tips on Deducting Charitable Contributions If you are looking for a tax deduction, giving to charity can be a ‘win-win’ situation. It’s good for them and good for you. Here are eight things you should know about deducting your gifts to charity: 1. You must donate to a qualified charity if you want to deduct the gift. You can’t deduct gifts to ...
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President Obama Signs Flood Relief Law on March 21, 2014

March 21, 2014
From the Associated Press on Friday, March 21, 2014 WASHINGTON (AP) — Homeowners living in flood-prone areas are getting relief from big spikes in insurance costs under legislation President Barack Obama signed into law Friday. Lawmakers from both parties supported the measure in response to angry homeowners who faced sharp premium hikes after an overhaul of the ...
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How to Avoid Identity Theft with your Income Tax Return

March 18, 2014
How to Avoid Identity Theft with your Income Tax Return The IRS reports that cyber-crimes often occur with tax returns. Cyber thieves are crafty and their numbers are increasing. Here are seven ways you can avoid identity theft. 1. File as early as possible. Once a return has been filed and it is associated with a specific social security number, the IRS ...
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Methods of Ownership and Holding Title to Real Property

March 17, 2014
Real Property Ownership and Interests Methods of Ownership and Holding Title Tenancy by the Severalty When ownership of real property is in the hands of an individual or corporation it is referred to as a severalty estate. The law considers a corporation an individual which must act by corporate resolution with official decisions by the board of directors. The word ...
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Senate Passes Flood Insurance Fix Bill

March 14, 2014
Senate Passes Flood Insurance Fix Bill On Thursday Congress passed a bill to undo the federal flood insurance Biggert-Waters bill that imposed sharply higher premiums for property owners across the country and Florida. The U.S. Senate passed this corrective bill that will stop the big rate hikes faced by many primary homeowners while still stabilizing the flood ...
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Establishing Domicile in the State of Florida

February 21, 2014
Establishing Domicile in the State of Florida Welcome to Florida! To establish domicile in Florida, you should complete as many of the tasks listed below as are possible: 1. File a Florida Declaration of Domicile form with the Clerk of the Court, County Comptroller 2. File an application for Homestead Exemption on Florida residence 3. Register to vote, and actually ...
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Mortgage Debt Forgiveness Relief Act Not Extended – And Why That Isn’t Bad News!

February 18, 2014
MDFRA expired December 31, 2013 and has not been extended to 2014; although an extension is being considered by Congress. In December of 2007, Congress passed the Mortgage Debt Forgiveness Relief Act (MDFRA) to provide relief to struggling homeowners potentially facing crippling tax liability. When the United States Senate and House passed the 2012 American Tax Payer ...
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Tax Season Has Begun!

February 4, 2014
Tax Season Has Begun with the IRS sending out valuable information and videos on U Tube! IRS Kicks Off 2014 Tax Season; Individual Returns Can Be Filed Now; Free Online Services Available to Help With Filing, Refunds, EITC IRS YouTube Videos: Do It Yourself Free Tax Preparation: When Will I Get My Refund?: IRS Social Media: WASHINGTON — The Internal ...
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National Association of Realtors Flood Insurance Update

January 20, 2014
National Association of Realtors Flood Insurance Update: January 17, 2014 By Austin Perez, National Association of Realtors On Jan. 16, 2014, Congress passed the Omnibus Appropriations Bill (H.R. 3547) to fund the federal government through Sept. 30, 2014. The bill prohibits FEMA from implementing future premium increases on “grandfathered properties” for nine ...
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