Is Mortgage Interest Tax Deductible? And how the new tax law affected its deductibility? If you are thinking to obtain a first or second mortgage or line of credit for personal or investment purposes, you may want to read this article.
In this article, we will explain how you can reduce your taxable income by correctly deducting your Mortgage Interest. If you obtained your mortgage on or before December 15, 2017, the new tax law doesn’t change the amount of your deductible mortgage interest. This means the old rules still applies to you!! However, if you
You complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes. The current W-4 form requests taxpayers to note the total amount of allowances they’re claiming, more allowances leads to less tax
Section 1031 – Like kind exchange is when you exchange real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind”. Generally, if you make a like-kind exchange, you are not required to recognize a gain or loss under IRC Section 1031.
In this article, we will be discussing one of the IRS filing statuses “Married Filing Separately” and better understand its pros and cons. A lot of people ask is it better to be married and file separate tax returns! “Married Filing Separately” means a married partners file two separate tax returns. This may benefit them
In this post, we will be talking about newcomers to the USA, their requirements to file income tax and eligibility to receive a tax refund, if applicable. There are federal income tax return and state income tax return. If you live in any of these 9 states, you do no need to file State income
