SEYMOUR & PERRY, LLC | BLOG

Are you planning to sell your home? If you make a profit on the sale, it may be subject to capital gains tax on your federal tax return...

Homeownership comes with a great deal of financial responsibility. If you own your home, you're already familiar with the costs of mortgage payments, property taxes, and other expenses associated with general home maintenance and upkeep. Owning property can certainly be a costly investment! There are certain tax benefits designed to help mitigate the financial strain of homeownership, such as the Home Mortgage Deduction and the Residential Energy Credit. In addition to thes

If you are contemplating becoming a homeowner, you may be surprised by the myriad of expenses associated with owning your own home [...]

Do you own a home, or are you looking to purchase one? Although homeownership will add to your tax obligations, there are also several tax benefits that come with being a homeowner, such as the Homestead Exemption and the Home Mortgage Interest Deduction. The Home Mortgage Interest Deduction is available to homebuyers who itemize deductions on their tax return and have a secured mortgage on a qualified home.

Although pension plans were very popular among employers of the past, most employers today offer defined contribution plans, which require the employer to shoulder less risk and responsibility. The most common type of defined contribution plan is the 401(k). A 401(k) plan allows you to start saving right away by contributing a percentage of your pretax income to the plan each month. Some employers also offer profit-sharing through their 401(k) plans. Barring certain excepti

Whether you’re years into an established career or have only recently joined the workplace, it’s never too soon to start thinking about retirement. Even if you don’t have funds to invest in stocks, property, or other investment products, you can start chipping away at your savings goals through an employer-sponsored retirement plan provided by your workplace. Employer-sponsored retirement plans generally fall into two categories: defined benefit plans and defined contributio

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020. In addition to stimulus payments to American families and individuals, expansion of unemployment benefits, and several other components, the legislative package provides financial relief for federal student loan borrowers in the form of an automatic suspension of payments and interest on federally-held student loans through September 30th, 2020.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020. This relief package provides over $2 trillion in economic assistance for American workers, families, students, and small businesses. A major component of the CARES relief package is the disbursement of Economic Impact Payments to American individuals and families. Payments of up to $1,200 are provided for eligible adults ($2,400 for joint filers), with an additional $500 fo

If you have recently gotten divorced from your spouse, the process of filing taxes may feel particularly daunting this year. You probably have some questions relating to filing status, the tax implications of paying or receiving child support, or other topics. To help you navigate the upcoming tax season, we’ve answered some commonly asked questions below. Armed with a bit of information and the expertise of a reliable accounting firm, you’ll breeze through the 2019 tax seaso

Did your family grow this year? Our tax tips for new parents will help ensure a smooth tax season for your family.

If you got married this year, congratulations! As you navigate the many changes that come with this major life event, be sure to consider the tax implications involved. To help you avoid a headache in the coming tax season, we’ve answered some common questions to help you determine your new tax filing status. If you are married on the last day of the tax year for which you are filing, you and your spouse must file as a married couple. In order to declare yourself married on