According to tax experts at Kiplinger Personal Finance, there are five legitimate tax deductions taxpayers frequently overlook. Consider these, which can save you a bundle if they apply:
A: There are a few things to consider, including cost, individual needs, and what will add value down the road. Also important: your emotional attachment to the existing home.
As designer and builder Philip S. Wenz, the author of Adding to a House: Planning, Design & Construction, notes, an addition …
Every year, our politicians talk about the need to simplify the tax code and every year, they make it more complex.
The average taxpayer will spend an estimated 23 hours completing their return this year. Eighty percent of taxpayers will hire someone to do the work, or buy tax software …
As wage earners in the United States begin to receive their first paychecks in 2013, they'll likely notice their net pay has gone down. That's because a two-year payroll tax holiday expired on December 31, 2012, and was not renewed as part of the fiscal cliff deal, explains …
Many of our clientele are facing increased property tax bills, even though their houses are worth less than they paid just a few short years ago.
"It's almost like we have a little 'fiscal cliff' of our own because (so much) is still unknown," county assessor Ed Hughes said …
Pre-paid interest, sometimes called "points", is generally tax deductible when a person pays them in connection with buying, building or improving their principal residence. When points are paid on a refinance, they are not a current deduction but have to be taken pro-rata over the life of the mortgage.
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While a principal residence and a second home have some similar benefits, they have some major differences. A principal residence is the primary home where you live and a second home is used for personal enjoyment while limiting possible rental activity to a maximum of 14 days per year.
The …
At the end of 2012, a number of tax and spending policies are scheduled to change. Taken together, these changes may exert a strong fiscal drag on an already fragile macroeconomic environment depending on the actions of Congress. Federal Reserve Chairman Ben Bernanke calls this the “fiscal cliff.” Tax …
Some residents of Augusta, Georgia have purchased tickets to the Master's for years but have never attended the famous golf tournament. It's because they include the tickets as a bonus to the people who rent their home during the event.
Each year, owners rent their home for a …
With the April 17 tax-filing deadline right around the corner, the most important tax deduction for tens of millions of middle-class families could be on the chopping block as early as next year’s tax season if some policymakers get their way.
“The mortgage interest deduction has been in existence since …