The Tax Preparation Blog

Archive for June, 2008

D.C. agency struggles to master Medicaid reimbursement

The D.C. Department of Health Care Finance started work a little more than a year ago with a mandate to end years of dysfunction in the District’s massive Medicaid program . Sloppy accounting had cost the city tens of millions of dollars from the federal government, and the Fenty administration said…

17 November 2009 NYSE Opening Bell Invesco PowerShares

Top Scoops

Distribution via the Unanswered Questions Wire Sign up for the wire at: http://www.unansweredquestions.org/headlines.php Unanswered Questions : Thinking for ourselves.

Sari Gyalen Armenian Duduk David Bogaryan Duduk.com

Year End Review — July to December

Madison County Chamber of Commerce sponsored the Fourth of July Festival for the first time. Among the events were a car show, watermelon eating contest and pie eating contest. The Fredericktown raised country music artists, Brothers Finch played also.

Support Our Soldiers Walk

‘Indians holding dual citizenship must have tax obligations in India’

Indians living abroad and holding dual citizenship should accept tax obligations from their mother country just as they seek and often get many privileges and benefits that go to Indians living and working at home, according to eminent economist and professor of Columbia University Jagdish Bhagwati.

World Business: Indian Banks Cash In 24/07/09

When you first embark on your search for your first home, having a realistic expectation of how much you’re going to have to pay is going to make home hunting – and ownership – a lot easier. Many people look for a home based on the amount of mortgage they will have to pay and while a mortgage is certainly a big part of your monthly home payment, it’s by no means the only expense associated with owning your home.

The costs of actually buying a home can run into the thousands. There’s the home inspection, the lawyer’s fees, transfer taxes, moving expenses and more. This can really hit you where it hurts if you’re unprepared. Do your research and make sure that you have a sum set aside for closing costs.

In addition to your mortgage payment, there are the taxes that the city levies to keep its infrastructure running. The amount of property tax that you pay depends on the municipality you live in. It is usually calculated as a percentage of your assessed home value. While they can be below 1% of your home’s assessed value in some areas, property taxes can exceed 5% in others, which can make your monthly payments balloon.

If you don’t have the 20% down for a traditional mortgage, you will probably have to pay mortgage insurance. This is a fee levied by the lender to cover the insurance it buys to cover the loan if you default. You can generally cancel this after you reach around 20% in equity, but reaching this point will take some time. Other options, like taking a second mortgage out to avoid this can be just as or more expensive than the mortgage insurance.

Homeowners insurance really depends on the value of your home and belongings, but you might be paying anywhere from $50 to hundreds of dollars a month to ensure that damage, vandalism, burglary, etc. can be repaired and items replaced. So that is something that you might need to calculate paying.

A homeowner cannot run to the landlord if their sink is plugged up or their toilet overflows. All the costs of repairs and maintenance fall to you now. It’s a smart idea to save a small percentage of your income to ensure that you have the cash when the toilet threatens to fall through the floor. Saving 5-10% each month of your net pay will set you up with a decent fund – unless, of course, an overlooked problem manifests itself right after you buy.

While home ownership can be rewarding and financially smart, you need to be aware of the real costs. By calculating the costs of buying your own home and maintaining it, you will be much better prepared for owning your property and better able to enjoy it.

Middle class professionals such as doctors, dentists, lawyers in tax evasion crackdown

Middle class professionals are facing an unprecedented crackdown on tax evasion by Government revenue inspectors.

Any fee, that is more than a cost quencher, is a tax!