Tag Archives: Tax deduction

Reconsider Your Mortgage Tax Deduction

Consider your Mortgage Tax Deduction in a New Way

You may have better options when it comes to your mortgage tax deduction, and Turbo Tax 2014 can help you get the best advantage possible.

Turbo Tax 2014 guides you through the process of decreasing your taxable income, and you may come to a new decision about claiming your mortgage interest. Homeowners have differing ideas about carrying a balance or paying off their mortgages entirely, but the following example may help you make the right decision for you.

For example:

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(Photo credit: marsmet531)

Q: I have the money to pay off … Read more at 2009 Taxes

TurboTax ItsDeductible Is Going Mobile

On December 3, 2013, Intuit Inc announced that its’ new TurboTax ItsDeductible app for iPhone had become available. This app is aimed at helping the estimated seventy-five percent of US citizens who donate to charity, convert their goodwill into sizable tax deductions. This app is free of charge and offered on the iPhone with iOS7 app store.

The Turbo Tax online program itself is very popular. When combined with the portability and convenience of a mobile device, the TurboTax ItsDeductible app allows people to easily monitor their charitable donations. This app features valuations for over ten thousand commonly donated items, … Read more at 2009 Taxes

How To Take Advantage of Mortgage Tax Deductions

Mortgage Tax Deductions

Often when considering purchasing a home, one of the things that intrigues potential homeowner’s is the right to be able to claim mortgage tax deductions. There are a number of deductions that are available including interest payments, points and some closing costs. What is not always evident however, is what must be done in order to claim these deductions and when they might be most beneficial.

Prepare for additional paperwork

One of the first things that a taxpayer will need to do to take advantage of mortgage tax deductions is to prepare to itemize deductions. The most … Read more at 2009 Taxes

How to Avoid an IRS Tax Audit

Tax season is upon us, and people seem to react to tax season with mixed feelings. Of course, if you are expecting a refund this year, then you are probably excited to file your taxes. But be honest – there is that little voice in the back of your head worrying about being audited, right? After all, people rank the experience of an IRS audit right up there with a root canal. If you want to do your best to steer clear of the worst come tax time, here are some tips for how to avoid an IRS tax audit:… Read more at 2009 Taxes

Requirements for Alimony to be Deductible

Individuals that pay alimony (also known as “spousal support” or “spousal maintenance”) to a former spouse can deduct these payments on their personal federal income tax returns. In turn, the alimony recipient is required to claim the payments as income.

Before a payor takes an alimony deduction they should make sure that their payments meet the IRS qualifications for alimony. Ideally, this was addressed and discussed in detail with their divorce attorney to ensure that the alimony was structured in a way that would allow a deduction. If you are not sure whether your payments are deductible you should consult … Read more at 2009 Taxes

Tax Breaks for Homeowners: Are You Missing Out?

There are many tax breaks that get overlooked, but homeowners often overlook the most obvious deductions. The truth is, as a homeowner, you stand to save hundreds if not thousands off your taxes. However, it all boils down to knowing what you qualify for. The following are just some of the tax breaks homeowners may be missing out on.

Mortgage Interest

The interest you pay on your mortgage should be one the first tax breaks you take advantage of. Those filing single can deduct mortgage interest on homes up to $500,000 ($1 million for married couples). This will require a … Read more at 2009 Taxes

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