Bush’s tax plan has suggested severely limiting the mortgage deduction and eliminating deductions for interest on home-equity loans or mortgages for vacation homes.
So today’s Fix the Tax Code Friday question is:
Should we eliminate the deduction for home mortgages? Or should we limit the deduction to first time home buyers?
Did you miss Tax Day this year? If so, you need to act now. Here’s what you need to do.
It’s Fix the Tax Code Friday! Casinos are headed to Pennsylvania and many other states this year as revenue raisers for state governments. Winnings are taxable. If you lose, you can only deduct to the extent of your winnings and only if you itemize. This week’s question: Should gambling losses be deductible? Should there be…
Notice anything different about your Form W-2? Take a look at Box 12. See anything that wasn’t there last year? The value of health care coverage provided by your employer is now reported in Box 12 with Code DD to identify the amount. The amount reported in the box should include both the portion paid…
Traditionally, taxpayers who need assistance during the tax season can find programs that fit their needs. Unfortunately, due to COVID, 2021 already looks challenging. But don’t lose hope: help is still available. VITA and TCE The IRS isn’t ruling out opening Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites but…
It’s Fix the Tax Code Friday! One of the “ask the taxgirl” posts this week focused on the question of illegally gained income. According to the Tax Code, all income, regardless of the source, must be reported on your tax return. This includes drug sales, illegal betting operations, prostitution, bribes, the whole bit. Clearly, including…
It’s my annual “Taxes from A to Z” series! Next up: Z Is for Zloty U.S. resident taxpayers must pay their taxes in U.S. dollars. Of course. But what about international taxpayers? International taxpayers without a U.S. bank account are allowed to transfer funds from their foreign bank account directly to the Internal Revenue Service (IRS)…