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:
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.
Tax Reform changes depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger… Read more Luxury Automobile Tax Law Update
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these… Read more Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
MEDICAL AND DENTAL EXPENSES
You can deduct most expenses relating to medical or dental diagnosis,
treatment or prevention as long as those expenses are in excess of
7.5 percent of your adjusted gross income (AGI).
Wireless and other telecommunications are one of the few services that are consistently subject to sales and use taxes by states with both narrow and broad sales tax bases.
How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
Tax reform is making progress, but there’s still a long way to go. AP/Alex Brandon
Income-tax brackets could change in 2018 if tax legislation is enacted under President Donald Trump.
The Senate’s bill proposes keeping seven tax brackets but changing the income ranges, while the House’s version of the bill would reduce the number of tax brackets to four.
The tax items for tax year 2018 of greatest interest to most taxpayers include the following dollar amounts:
The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year.