The Stimulus bill passed by Congress and signed by the President on March 27, 2020 contains many provisions affecting every American. The… Read more YOUR STIMULUS CHECK
Tag: Income Tax
Payment Deadline Extended
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.
TAX DEDUCTIONS ON HOME PURCHASE
I purchased a house this year. Would I qualify for any tax deductions on a home purchase?
Unfortunately, most of the expenses you paid when buying your home are not deductible in the year of purchase.
The only tax deductions on a home purchase you may qualify for is the prepaid mortgage interest(points). To deduct prepaid mortgage interest (points) paid to the lender if you must meet these qualifications:
2018’s States Affected by Tax Reform
While the changes to the tax law won’t affect most Americans’ 2018 filings for the 2017 fiscal year, 2019 will be a much different story. Citizens of certain states will benefit more than others, too.
InWorks Tax Services 