Tax Strategies for Homeowners

Tax Strategies for Homeowners

Be aware that tax consequences are  associated with home ownership. Home purchase When purchasing a home, you may pay a portion of the mortgage interest in advance. This loan origination fee, or “points,” is a percentage of the total amount borrowed. If points are...
Tax Time: Ins and Outs of Interest Expenses

Tax Time: Ins and Outs of Interest Expenses

Can you deduct interest expenses on your 2016 tax return? It depends. Generally, the tax law requires you to allocate interest payments under a complex set of rules. The tax results vary, based on whether the expense is characterized as mortgage interest, investment...
Emergency Savings-How Much is Right For You?

Emergency Savings-How Much is Right For You?

Figuring out how much to set aside in a rainy day fund isn’t a one-size-fits-all proposition, though the rule of thumb of three to six months of living expenses is a reasonable guideline—and one that is widely disregarded. According to surveys, two-thirds of...
What Filing Status is Right For You?

What Filing Status is Right For You?

Your federal income tax filing status can affect exemptions, reportable income, deductions, credits, tax rates, liability, the type of form you file, and whether you need to file at all. In addition, some states require that you use the status reported on your federal...
Tax Implications of the Health Care Law

Tax Implications of the Health Care Law

Important Tax Dates • First quarter individual estimated tax payments are due April 18. • The deadline for filing Form 1040 or an extension and paying any tax due is April 18. The health care law has brought some changes to the 2015 federal income tax return that...
Is Your Pastime a Hobby or Business?

Is Your Pastime a Hobby or Business?

If you’re like some taxpayers, you have a pastime that brings in cash but produces a loss after you deduct your expenses. Example: an amateur artist who spends money for paint and canvas but who only occasionally sells a painting. If you could deduct “hobby” losses on...