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Tag: Tax Tips
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.
Luxury Automobile Tax Law Update
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
Who Must Pay Estimated Taxes
When figuring your estimated tax for the current year, it may be helpful to use your income, deductions, and credits for the prior year as a starting point. Use your prior year’s federal tax return as a guide.
UNDERSTANDING MEDICAL AND DENTAL EXPENSES
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid for medical care – including dental – for yourself, your spouse, and your dependents.
Unreimbursed Employee Expenses
For you to be able to deduct the expense, it must be a common, helpful, and appropriate expense for your field of work. An expense does not necessarily have to be “required” for it to be deductible. However, if your employer reimbursed you for the expense, it cannot be included in your deduction.
InWorks Tax Services 