Tag Archives: itemized deductions

Tax Cuts and Jobs Act (TCJA) Overview 1.5

“The new law increases the credit for qualifying children (i.e., children under 17) to $2000 from $1000, and increases to $1,400 the refundable portion of the credit. It also introduces a new (nonrefundable) $500 credit …”
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Posted in Income Tax, Income Tax Planning, Income Tax Preparation, Schedule A, W-2 Wage and Tax Statement | Tagged , , , , , , | Leave a comment

Tax Tips for Rental Property Owners , Part 1

Certain rental property expenses can be deducted from your rental property income to determine your profit or loss for a given tax year. Continue reading

Posted in deductible rental property expenses, Depreciation, Income Tax, Personal Insurance, property insurance, rental property, rental property improvements | Tagged , , , , , , | Comments Off on Tax Tips for Rental Property Owners , Part 1

Income Tax Returns Aren’t Toilet Paper

“When did the preparation of income taxes become a commodity item carrying the same importance as a roll of toilet paper? What’s next, buy computer time and prepare your return yourself? The business of preparing income taxes is an important calling, and your choice of an income tax preparer should neither be based solely on how big a refund they promise to get you, (which is illegal, by the way), nor by how little they charge. Instead, ask your preparer the following questions:” Continue reading

Posted in Depreciation, Earned Income Tax Credit, Form 1040, fraudulent income tax preparation, Income Tax, Income Tax Preparation, Schedule A | Tagged , , , | Comments Off on Income Tax Returns Aren’t Toilet Paper