Author - jim@blankenshipfinancial.com (Jim Blankenship)

1
Vacation Home Rentals and Your Income Taxes
2
A New-Hire Checklist
3
Selling your home? Here’s the income tax facts
4
Lose Your Health Insurance? COBRA May Help
5
How We Can Serve You

Vacation Home Rentals and Your Income Taxes

You may have a vacation home that you only spend a small amount of time at each year, and the rest of the time you rent the home out to other folks who wish to vacation in your little slice of heaven. The rents that you receive is considered taxable income, to the extent that it exceeds the applicable expenses. Plus, if the vacation home is partly used for your own purposes, the expenses (allocated to the time the property is rented) cannot exceed the amount of rent income from the property (you can’t claim a loss).

Recently the IRS …

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A New-Hire Checklist

Starting a new job can be very overwhelming. Often, new-hires go through a barrage of training, information overload and multiple booklets covering procedures, processes and application. Somewhere in that mix is the benefit package. Here is where the new employee can sign up for important health insurance coverage, retirement savings plans, and other benefits such as life insurance and disability. In the stress and whirlwind of the on-boarding process, sometimes benefits can get pushed to the side, and then after time, forgotten about.

Here’s a checklist of what a new employee can do to make sure they sign up for …

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Selling your home? Here’s the income tax facts

Summer is a time when many folks choose to move to a new home. It makes a lot of sense, especially if you have children in school – this way if the move is to a new school district, the children will not have to switch schools during the academic year.

Selling your home can have consequences for your income taxes. Recently the IRS issued their Summertime Tax Tip 2015-13, which details ten key tax facts about home sales. The text of the Tip is below:

Ten Key Tax Facts about Home Sales

In most cases, gains from sales are …

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Lose Your Health Insurance? COBRA May Help

Former employees recently let go from their job may find themselves wondering what options they have to continue their employer provided health insurance. Generally, an employee is allowed to continue their coverage from loss of employment due to voluntary or involuntary termination, disability, reductions in hours, death, divorce, or becoming eligible for Medicare.

The length of time an individual has to remain on COBRA depends on the reason why they lost coverage from their employer. For example, if an employee is terminated either voluntarily or involuntarily he or she will have up to 18 months of coverage. In the event …

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How We Can Serve You

I wanted to write a short post this week letting our readers know that even though the majority of them may not be located in the state of Illinois, we are generally still able to help and work with you should you want to use or services. Here are a few ways that we can make your experience working with us as “local” and as professional as possible.
  1. We use email – a lot. This is arguably the main way we communicate with clients. It’s not that we’re above using the phone, but with our schedules we are frequently
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