Today (2/21/18) we were updated by the Internal Revenue Service that in many cases your Home Equity LOC may continue to be a deduction. The Home Equity loan will be deductible if: Used to build an addition to the existing home Total of a 1st and 2nd (or LOC) does not exceed $750,000 If the […]
With the Standard Deduction increasing for 2018-2025 many taxpayers are contemplating paying extra toward their principal on their mortgage or completing paying off their mortgage. Pros to keep your mortgage: 3.75%-4.25% is a reasonable rate Mortgage debt is “good debt” Money not put towards mortgage debt can be put towards additional 401k funding or […]
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly […]
Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your […]
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in […]
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees […]