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Are New Windows a Tax Deduction?

Home improvements are a popular way for taxpayers to claim a tax credit and upgrade their homes in the process. For new windows, it’s possible to make a tax deduction. The current tax credits for home improvements are expected to remain in their current form for the next five to seven years.

Claiming New Windows on Your Tax Return

There is a range of different window types that qualify for a tax deduction, including casement, egress, and double-hung. The stipulation is that they must meet Energy Star standards.… Read the rest

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How to Deduct Private Mortgage Insurance (PMI) on Your Taxes

Have you been paying monthly private mortgage insurance (PMI) because your down payment for your home was under 20%? You can get a refund back by claiming the PMI deductions on your income tax returns.

Not making the PMI deduction is one of the top 5 mistakes homeowners usually make on their taxes. This tax deduction will expire in the next tax year unless Congress decides to renew it.

Who Qualifies for the PMI Deduction?

private mortgage insurance pmi

Not everyone who has PMI premiums can automatically take the tax deduction.… Read the rest

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Is Mileage Still Deductible?

Is Mileage Still Deductible in 2019, 2020?

is mileage tax deductible

Mileage is a frequent deduction for those using their personal vehicles for business. The IRS is providing a bonus this year as the standard mileage deduction has gone up by 3.5 cents to 58 cents per mile.

For anyone using their vehicles for business purposes, this is huge. If a business owner logs 100,000 miles over the next few years, this totals a massive $58,000 in deductions.

However, despite this good news, the Tax Cuts and Jobs Act (TCJA) did eliminate the itemized deduction for un-reimbursed travel expenses.… Read the rest

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What is The Simplified Home Office Deduction?

Home Office tax deduction

If you happen to have a home office, you may be able to use it as a deduction when it comes to the cost of running your home business.

The problem with the home office deduction is it’s a complicated issue. Due to the fact it’s open to abuse, the IRS came down hard on people years ago.

But if you’re eligible, you should absolutely claim the deduction. It looks like a hassle, but it’s not as difficult as you might think to claim.… Read the rest

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The Home Loan Mortgage Interest Tax Deduction

The federal government motivates you to buy a house by permitting the deduction of home loan interest. The interest you pay throughout the year is entitled to a reduction in taxes.

If you have a home loan and are paying interest, chances are you qualify to claim a mortgage interest tax deduction.

Collateral in Your House

Mortgage interest tax deductionYour mortgage company may carry a security interest in your house as a surety for paying back the mortgage. This security interest usually permits the financial institution to stay on the deed to your house.… Read the rest

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What is the Dependent Tax Credit, Deduction and Exemption?

Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent when you file your taxes.

Dependent Tax Credits, Deductions, and Exemptions are Available to You!

Anyone with a family needs to be aware of how the IRS may define someone as a dependent. This is important if you want to claim the child and dependent tax credit as it could save you a huge amount of money, so it’s an issue that’s worth looking into.… Read the rest