Fiscal Cliff Impact on Arizona Taxes (VIDEO)
The upcoming Fiscal Cliff will have a direct impact on those of us living in Arizona. Here in the desert we will be impacted in five main ways: Payroll Tax Cuts — These cuts will cause the current payroll tax to go from 4.2% to 6.2% off every check you bring home. Cut to the […]
Fiscal Cliff Explained and Simplified (VIDEO)
The Fiscal Cliff has caused much excitement and concern in the later part of 2012. It is important to understand the “Fiscal Cliff” is used to explain what will happen to us financially on Jan. 1, 2013, if Congress does not take action. It is most easily understood in three primary areas: Tax Cuts […]
Mortgage Forgiveness Debt Relief Act May Get an Encore
In less than four months one of the clearest safeguards for Arizona’s distressed homeowners attempting a short sale is set to expire. The Mortgage Forgiveness Debt Relief Act of 2007 (“Act”) has made the choice between short sale and foreclosure a much easier one to make, and it may just stick around for an additional […]
Q&A: How Does A Short Sale Affect Me If I Claimed The Home Buyer Tax Credit?
We have had several clients ask about how a short sale or foreclosure affects their responsibilities to pay back the Home Buyer Tax Credit recently. Under the general rules an individual that claimed the 2008 Home Buyer Credit is required to pay back the entire amount of the credit, up to $7,500 if the home […]
