taxes: Are you getting the home tax deductions you're entitled to?
- 02/22/17 05:24 PM
By: Dona Dezube Here are the tax tips you need to get a jump on your returns. Owning a home can pay off at tax time. Take advantage of these home ownership-related tax deductions and strategies to lower your tax bill: Mortgage Interest Deduction:One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a … (1 comments)
taxes: When it's time to get an accountant to do your taxes
- 02/18/17 05:11 AM
By: Alaina Tweddale Do you need a CPA? Or will a regular accountant do? You are soooo dreading doing your taxes this year. Gone are the days when you used to sit down with a glass of wine and fill out your 1040 EZ. Remember that time you finished and hit the “submit” button just as you swallowed the last sip? Not this year. Unless you want to pay a ton in taxes, you’re going to have to itemize. You did it last year, and it wasn’t too bad. But this year, you did some freelancing. And you moved. And it’s going to take … (0 comments)
taxes: How long to keep tax records!
- 02/15/17 06:42 PM
By: Dona Dezube Here’s a checklist to help you decide what tax and home records to keep. Unless you’re living in the 123-room Spelling Manor, you probably don’t have space to store massive amounts of tax and insurance paperwork, warranties, and repair receipts related to your home. But you’ll definitely want your paperwork at hand if you have to prove you deserved a tax deduction, file an insurance claim, or figure out if your busted oven is still under warranty. To help you prioritize your paperwork, we’ve created a hand “How Long to Keep It” home records checklist. First, a little background on IRS rules, … (1 comments)
taxes: How to DIY your taxes!
- 02/09/17 09:13 AM
By: Alaina Tweddale Tips on choosing tax preparation software to help get all the homeowner benefits. Ready or not, the tax man’s coming. Filing your taxes yourself may not be your idea of a fun night at home, but even so, it doesn’t really have to be that bad. Yes, even if you own a home. Even if you itemize your deductions. Even if you’re scared of making a mistake. We turned to the tax pros and nailed down their top tips to make DIY tax filing as easy and painless as possible — as well as how to ensure you don’t miss any … (1 comments)
Unless you’re living in the 123-room Spelling Manor, you probably don’t have space to store massive amounts of tax and insurance paperwork, warranties, and repair receipts related to your home. But you’ll definitely want your paperwork at hand if you have to prove you deserved a tax deduction, file an insurance claim, or figure out if your busted oven is still under warranty.
Except for tax paperwork, there’s no official guideline governing exactly how long you have to keep … (1 comments)
Missed tax deduction? Overlooked tax credit? Get what’s coming to you by amending your return. Your home is a great source of tax savings if you know what qualifies and don’t forget to claim deductions and credits. If you missed any of these five, you can go back in time — roughly two to three years — by amending your tax return. (Read more nitpicky details in How to Amend Your Tax Return.)
1. Home Office Deduction! If your home is your principal place of business, you can take a standard deduction or deduct a percentage of eligible home expenses like: Utilities Mortgage interest … (0 comments)
taxes: 10 Common Errors Home Owners Make When Filing Taxes
- 02/08/11 09:28 PM
As promised! More on taxes! I know, I know...it's crazy to talk about such exciting stuff without a party hat on but an IRS audit or missed refund money is no party either! Here are the ten most common errors that home owners make on their tax returns. Don't rouse the IRS or pay more taxes than necessary-know the score on each home tax deduction and credit. Sin #1: Deducting the wrong year for property taxes You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities … (2 comments)
By: Dona Dezube
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