When we think about our personal residence, we probably do not give much thought to the tax impact associated with it. If we do think about the tax aspect, our focus probably is on the savings related to the mortgage interest and real estate tax deductions.
The President signed legislation passed by Congress which retroactively extends from January 1, 2014 many individual and business tax provisions which otherwise expired at the end of 2013.
Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues.
The Delaware Division of Revenue (DOR) is reminding businesses that Delaware business licenses expire at the end of December and must be renewed by December 31, 2014 .
“Place of residency” and “place of domicile” may appear to mean the same thing, but may have different definitions at tax time. The definitions are similar if you have lived in the same place for many years, but if you recently moved to or maintain a second home in a different state, the two terms may be very different.