Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related
Tag: interest
Caution! Watch For Incoming Tax Forms- Tax forms are arriving. Time to be prepared!
Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some
2018 Taxes Affected by TCJA 2017 Tax Reform
Tax Reform 101 The Tax Cuts and Jobs Act of 2017 officially starts affecting tax returns Jan 1, 2018, so your taxes next January will look a bit (or a lot) different. Let’s walk through some of the most significant
Interest on Home Equity Loans Still Deductible Under New Law
The Internal Revenue Service advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Despite newly-enacted restrictions on home mortgages, taxpayers will still generally be able to deduct interest on a home equity loan,
What Deduction Should You Take – Itemized or Standard?
Itemize or Choose the Standard Deduction Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money
Reduce Tax Bill by Making Early Mortgage Payment
Making your January 2015 mortgage payment in December 2014 can help increase your mortgage interest deduction which in turn can lower your taxable income. When your taxable income is lower then your total tax is lowered and can increase your