SEYMOUR & PERRY, LLC | BLOG

Business interest expense includes interest paid on a loan used for business purposes. Deducting this interest reduces the cost of borrowing funds for your business. Interest paid on personal loans is not tax deductible; if a loan was used for both business and personal purposes, you may only deduct the interest paid on the portion of the loan used for your business. Business owners generally may deduct some or all interest paid or accrued during the tax year on business-r

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 [...]

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

Did you know that you may be able to deduct local and state taxes on your 2019 tax return? This option is available to taxpayers who choose to itemize deductions on their tax return; if you choose to take the standard deduction, you may not deduct state or local taxes. If you are eligible to itemize state and local taxes on your return, you may only deduct taxes that were imposed on you and that you have paid during the tax year. This means that you cannot deduct taxes paid

In Part Two of our blog series on building credit, we discussed important factors that help determine your creditworthiness; this week, we’ll be diving into more detail. Each time you apply for a credit card or loan, lenders decide whether or not to approve your application based on your credit report, credit score, and payment history. Read on to learn how to leverage these components to improve and maintain your creditworthiness.

Whenever you apply for a line of credit, potential lenders decide whether to approve or deny your application based on your creditworthiness. This measurement is based on your credit report, credit score, and payment history. These three factors give lenders an idea of how likely you are to repay your debts. Your credit history may also be taken into account by other entities, such as cell phone providers, insurance companies, cable providers, and even potential employers.

Credit provides consumers with a number of advantages, such as the ability to buy necessary items immediately. Credit serves as a convenient alternative to carrying cash or writing checks, and it can be used to consolidate multiple bills into a single payment. Establishing a good credit history provides consumers with special benefits such as lower interest rates on credit cards and loans, a better chance for future credit approval, higher credit limits, easier approval for r

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