FOR BREAKING NEWS VISIT www.couriersun.com SEPTEMBER 3, 2015 • The Courier sun 17 Legally Speaking By: Scott Baron, Attorney at Law REFINANCING? UNDERSTAND THE TAX ISSUES BY SALVATORE P. CANDELA. EA. ATA. ABCAall Now & End Your Salvatore P. Candela,Enrolled Agent scandela@thetaxadvocategroup.www.thetaxadvocategroup.(Remember Me Run at St. Michael’s “Come Run, Walk or Stroll with us as we join with Community Mayors” Community Mayors, an all-volunteer organization provides recreational therapy for children with special needs for over 50 years. * * * * * * * * * * * * * * Over 50,000 special needs children a year bene t as a direct result of Community Mayors! All monies raised by the 2015 Run will be donated to the Community Mayors. Memorial Service to REMEMBER the First Responders of 9/11 will follow. Saturday, September 12th at 2PM Registration Available Online at: www.stmichaelscemetery.com or By Mail: 72-02 Astoria Blvd, East Elmhurst, NY 11370 FOR INFORMATION CONTACT: ED HORN AT: 7182783240 Refreshments Provided Fee: Participants $25 (Registration begins at 1PM) Children 10 & under FREE Advertorial NO MORE PARTY Q: One summer night, I attended a party with my girlfriend. We left the party with a couple of boys we had met, stopped at a local bar/restaurant, and proceeded to the home of the tall one to swim. He announced that a ritual existed whereby I must enter the pool for the first time by diving from the top of the pool slide. On another side of the pool, stood the diving board. There was only a light on the back porch. The underwater light was off. I could just barely see the steps of the slide ladder. I could not see my new friend, who was already in the pool, chatting with my girlfriend. Nor could I tell the depth of the water, although I could see its surface. I asked, “Are you sure it’s OK?” He responded, “What do you think?” All the other pool slides with which I am familiar had been located at the deep end of the pool. “It’s time for me to stop going through life being a chicken.” So I presumed that the water below the slide was deep enough for diving. Turned out it was not. A: A jury could certainly find that your conduct in diving off the top of the pool slide into shallow water was not the sole legal cause of your injuries. The accident was not all your fault. The boy had failed to turn on the underwater light, and he had assured you that it was safe to dive. The law responds to changed conditions; exceptions and variations abound. Here, the information is general; always seek out competent counsel. This article shall not be construed as legal advice. Copyright © 2015 Scott Baron & Associates, P.C. All rights reserved. 159-49 Cross Bay Boulevard, Howard Beach, New York 11414 • 718-738-9800 1750 Central Park Avenue, Yonkers, NY 10710 • 914-337-9800 1-866-927-4878 Are you thinking of refinancing your home mortgage? Keep the tax rules in mind. 1. Track “points.” A point is a fee equal to one percent of the loan amount. While you can fully deduct the points you pay when you buy your home, points paid on a refinancing are generally amortized over the term of the loan. If you refinance a loan for a second time, the balance of remaining points from the previous loan becomes immediately deductible. That’s also the case when you sell your home. What if you refinance for more than your existing mortgage balance and decide to use some (or all) of the extra cash to improve your main home? A portion of the points you pay “up front” is deductible. Points not immediately deductible can be amortized over the term of the loan. 2. Trace your use of funds. When you “cash out,” or convert $100,000 or less of your home equity to cash during a refinance, the interest is deductible. If you take additional amounts, the interest may or may not be deductible depending on how the funds are used. When you use those funds to expand your business, the interest may be deductible business interest. If you buy investments, the interest may be investment interest expense. 3. Look at the whole picture. Not all loan fees are deductible. However, you can generally claim a deduction for some of the property taxes paid through the refinancing. One more reminder: Double-check your tax withholding or estimates when you refinance. Why? Reducing the interest rate on your loan means the mortgage interest deduction on your federal income tax return also goes down. Adjusting your withholding or estimated payments can help avoid an unanticipated tax bill. Need more information on refinancing or mortgage interest tax deductions, or other tax, accounting, payroll or other business related matters, please call me at 718.894.1500 or email at info@thetaxadvocategroup.com. ADVERTORIAL
SC09032015
To see the actual publication please follow the link above