It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act (TCJA) style. If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter. H is for Home Office Deduction. Do…
Taxpayer asks: Dear Taxgirl: So I was trying to figure out how screwed we (my wife and I ) are because of the new 2018 “tax cuts” and it looks like we lost about 16k worth of deductions. we paid approx. 22k in state, local and property tax (Paul Ryan would call this the SALT…
A tax deduction for charitable giving isn’t guaranteed just because you’re feeling generous. As with everything in tax law, it’s important to follow the rules, and with tax reform, those rules are changing. Here are 14 tips for making your charitable donation count: 1. Itemize. To claim a charitable deduction on your tax return, you must…
Tax reform means some pretty significant changes for taxpayers in 2018. Want to know what’s new? Here’s what you need to know – with charts!
Headed to the gym this summer? You may soon be able to claim a tax benefit for the trip. The House Ways and Means Committee has advanced a bill which would grant taxpayers a break on gym memberships and fitness classes.
With all of the focus on new tax rates after Congress green-lighted tax reform, it’s easy to forget that some of the biggest changes don’t have anything to do with tax rates: They’re about deductions. Here’s how Schedule A will be affected for the 2018 tax year.
There is some good news to be found in the real estate market these days. While home prices aren’t generally on the rise, neither are real estate taxes. In 2013, the median U.S. real estate tax bill was $2,132. That’s according to a Zillow analysis that used the most recent data available. That number is…
I’m in sunny southeastern North Carolina this week but not for the change of weather. My dad had heart surgery on Friday and I flew out to be with my family. It’s an unexpected visit and no amount of surfing Bookit.com or Expedia could lower my airfare. Add in the icy conditions we’ve been having…
Form W-2? Check. Forms 1099-MISC? Check. Forms 1099-B? Check. Form 1098? Check. Receipts to support charitable deductions? Check. Receipts for medical expenses? Er, you might want to leave those at home. Of all of the deductions in all of the tax world, medical expenses top the list of “tax breaks that you think you’re getting…
J is for Junk Fees. If you’ve ever bought or sold a home, you’ve probably seen a laundry list of fees on your sale or mortgage papers. These fees, usually found at the bottom, are in addition to notary fees and appraisal fees, and are sometimes called “junk fees.” While a specific fee may be…