Month: April 2014
What You Need to Understand About Extensions
There are lots of legitimate reasons why taxpayers need more time to file. One of the most common reasons is the situation where income does not come from a mere W-2. In addition to having self-employment income, you may own a business; it might be a pass through entity so you can’t start your returns […]
April 14, 2014 | Continue Reading
Home Mortgage Points- Fully Deductible THIS Year?
The term “points” is used to describe certain charges paid to obtain a home mortgage. Points are prepaid interest and may be deductible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A. If you can deduct all of the interest on your mortgage, you may be able to deduct all of […]
April 9, 2014 | Continue Reading
Deducting Medical Expenses to Reduce Tax Liability
If you have a large number of medical expenses, you may be able to deduct many of these from your taxes. Many types of medical expenses are deductible, from long-term care to hospital stays to hearing aids. To claim the deduction, your medical expenses have to be more than 10 percent of your adjusted gross […]
April 4, 2014 | Continue Reading
Charitable Contributions
Charitable contributions are donations made to qualified charitable organizations. The contributions can be monetary, or physical property. Qualified charitable contributions are deductible as an itemized deduction. Qualified Organizations Qualified organizations can be public or private foundations. Organizations will be able to tell you whether they are considered a qualified organization for tax purposes. The limit […]
April 2, 2014 | Continue Reading
