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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
10 Things to Know About Child and Dependent Care Credit
If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. Preview The care […]
March 24, 2014 | Continue Reading
Can you Claim your Parent As a Dependent?
If you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption ($3,950 for tax year 2014) for him or her. There are five tests to determine whether you can claim a parent as a […]
March 14, 2014 | Continue Reading
2014 Tax Return Talk – It’s Not Too Early
Planning for taxes takes more than a magic eight ball! While there is always a certain amount of inherent uncertainty in any planning, the goal is to provide enough information to have insight to how today’s decisions might change tomorrow’s outcomes. Luck comes to those best prepared. Choose to be prepared.
October 1, 2013 | Continue Reading
