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: mortgage
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
2018 Tax Filing Season Starts January 29th
The Internal Revenue Service (IRS) announced today that the tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. The tax deadline will be April 17 this year, so taxpayers will have
Protecting Americans from Tax Hikes (PATH) Act of 2015 – Tax Extenders
President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) on December 18, 2015, after both houses of Congress voted to approve the budget measure and comprehensive spending bill. The PATH Act extends a number of important
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