Even if you have the best insurance plan, you still might end up paying medical bills. However, all hope is not lost. You can still get a tax break from your medical expenses that can help reduce your overall medical costs.
In 2019, the IRS allowed you to deduct medical expenses that exceeded 7.5% of your adjusted gross income.
Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.… Read the rest
Deciding to become a landlord can be highly beneficial for you financially. However, it also comes with a significant amount of work.
As well as the general responsibilities associated with running a rental property, you need to find tenants, pay all your expenses, and ensure you have insurance.
In personal tax terms, renting out a property can complicate the situation. There are rental property tax deductions available to help you out with running your business, though.
Different deductions are available from the IRS.… Read the rest
There are many strategies to use house remodeling and upgrades to reduce your taxes.
Remodeling your house is not usually a cost that can be deducted from your federal income taxes. However, there are many techniques that you can utilize for home remodeling and upgrades to decrease your taxes. This includes tax breaks and incentives for remodeling and enhancements made to your house, either when you bought the home or after.
Making Use of Your Mortgage to Make Property Upgrades
An excellent way to reduce home remodeling expenses would be to make the upgrades to the residence when it is purchased.… Read the rest
Student loan interest can quickly add up. That’s why the Federal government introduced the student loan interest tax deduction to help ordinary students out. If you made interest rate payments on your student loans during the tax year, you could deduct up to $2,500 in interest paid.
If you happen to qualify for the 22% tax rate, you have the best deal because your maximum deduction is $550. A few hundred dollars in your wallet for doing very little sounds great, so how can you make sure that you claim the maximum deduction amount available to you?… Read the rest
The Tax Cuts and Jobs Act (TCJA) completely changed the US tax system. The last such change of this magnitude happened more than thirty years ago. As a result, millions of Americans are now left wondering what they’re entitled to and which deductions are still valid.
One of the most widely taken deductions is the deduction for mortgage interest. The TCJA didn’t eliminate it, but significant changes were made. Plus, due to other changes, many Americans will now be ineligible to use the mortgage interest deduction going forward.… Read the rest