New 30-Year Amortizations for Insured Mortgages
Effective August 1, 2024, the government will allow 30-year mortgage amortizations for first-time homeowners who purchase newly built homes. For existing mortgage holders who meet specific criteria, “permanent amortization relief” will be available to extend repayment periods for as long as they need to get to the number they can afford to pay monthly. It’s an extension from the 25-year mortgage amortizations previously allowed. However, this isn’t for everyone… there is a significant risk to lifetime wealth creation and must be managed with an eye to interest rates and payment terms to reduce the non-deductible interest costs.Pain Relief for Child Care Costs
Whether you are a student or working and paying for child care, those expenditures may be deductible and the maximum amount you can claim has increased this year. It’s a lucrative year end tip advisors will want to prime their clients about, to maximize child care expense claims on the 2015 tax return.
The New Role for the Tax Accountant When a Business Transitions
Accounting departments in growing companies have a special role in collaborating with shareholders: to help those at the financial helm to understand not only where the business results lie today, but what resources it will need to support future growth, potential financing gaps, and how they can best addressed.