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From the Headlines to your Bottom Line

Update on Home Mortgage Interest Deductions

Itemized deductions for qualified residence interest are an ongoing source of controversy between taxpayers and the IRS. Here, we review the rules and summarize several recent developments for deducting interest from acquisition and home equity debt for federal income tax purposes. Some of the latest Tax Court decisions might even surprise you.
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Did You Miss the 60-Day Deadline for Your IRA Rollover?

A new IRS procedure can save the day if you have a valid excuse for missing the 60-day rollover deadline for IRA distributions. Instead of going through the hassle and expense of applying for a hardship waiver from the IRS, you may be eligible to submit a written self-certification document. Here's a list of valid excuses, as well as conditions for self-certification and background on the 60-day rule.
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Loan Applications: Put Your Best Foot Forward

Withdrawals from a line of credit and asset-based loans can help your business grow. But applying for bank credit can be time-consuming and nerve-wracking. Here are insights into your lender's mindset, factors underwriters consider when making credit decisions and a list of documents to gather for your loan package. Following these best practices can help increase the chances that your loan application will be approved.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner