6 Homeowner Tax Mistakes Accountants Say to Watch For

November 18th, 2015 Categories: Random Thoughts

Hooray — it’s tax time! OK, few people get quite that excited about filling out government forms, but there’s good reason to appreciate the annual ritual. Tax deductions are a serious perk for homeowners, and they can be a major boon to your family’s finances. Read the rest of this entry »

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Are You Entitled to a Property Tax Exemption?

August 12th, 2015 Categories: Random Thoughts

Nobody likes paying a dime extra in taxes. Yet when it comes to property tax bills, some homeowners pay too much simply because they aren’t aware they qualify for an exemption. Read the rest of this entry »

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Was Your Home in a Disaster, Damaged, or Robbed?

August 6th, 2015 Categories: Random Thoughts

Disaster can strike home owners in any number of ways, from floods, fires, and storms to vandalism or even terrorist attacks. The IRS calls the property damage and destruction resulting from these unexpected calamities casualty losses. For many home owners, casualty losses can be tax deductible. But special rules apply. Read the rest of this entry »

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How to Deduct Your Mortgage Interest & Equity Loan Costs

August 5th, 2015 Categories: Random Thoughts

Deducting mortgage interest is a great tax benefit that can make home ownership more affordable. Your first mortgage isn’t the only loan that qualifies, either. In many cases, you can also deduct interest on home equity loans, second mortgages, and home equity lines of credit, or HELOCs. Read the rest of this entry »

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2 Deduction Options When You Work From Home

June 11th, 2015 Categories: Random Thoughts

If you work from home, even on a part-time basis, you can probably save some dough come tax time by deducting your home office costs.

The challenge has always been the 43-line, MENSA-like IRS form home office workers had to complete, which may have kept some from even taking advantage of this home tax benefit.

Now, there’s an optional, simplified home office deduction: Take $5/sq. ft. up to 300 feet or $1,500 and, boom, you’re done. Read the rest of this entry »

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6 Home Deduction Traps and How to Avoid Them

June 8th, 2015 Categories: Random Thoughts

Schedule A is the part of Form 1040 where you list your deductions, and the more deductions you claim, the more chances you have to misinterpret IRS rules.

To save you the heartache of having a deduction disallowed, we asked four tax experts to weigh in on the six most common home-related Schedule A mistakes taxpaying do-it-yourselfers make.

Read the rest of this entry »

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