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Tax Deductions You Need to Know About!
While one would never have imagined the iconic words of yesteryear, "Why do you ask for whom the bell tolls, for it tolls for thee", to be construed as an act of benevolence from our Great Benefactor, Uncle Sam, it doth still ring true! True that, he takes more than he ought, but there are more than enough 'bells' to go around when it comes down to the generous tax breaks afforded to thee taxpayer!    According to IRS.gov, here are some of the deductions you are allowed to take:   Your house payment If you took out a mortgage (loan) to finance the purchase of your home, you probably have to make monthly house payments. Your house payment may include several costs of owning a home. The only costs you can deduct are real estate taxes actually paid to the taxing authority, interest that qualifies as home mortgage interest, and mortgage insurance premiums. These are discussed in more detail later.  Minister's or military housing allowance. If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you still can deduct your real estate taxes and your home mortgage interest. You do not have to reduce your ... more

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