Come on! I can’t be all pandemic, all the time. Oh, wait, this is kind of about the pandemic situation. So, I guess -even in the height of (a now extended) tax season, the Covid-19 situation compels a lot of my attention.
Tag Archives: mortgage interest
Making a list- checking it twice…
So, you have today off.
And, I am presuming you are of sound mind and body, having NOT gone overboard with your celebrations last night.
We covered death. Now, it’s time for taxes.
You know the tax law has changed. And, for many of you, that means that itemizing is no longer an option. (If you are married, the threshold of deductions needed to itemize went from $ 12K to $ 24K- and you are limited to $ 10K for the TOTAL of your property taxes and state/local income taxes. Of course, you could do as I have done for many a client- filed separately for the first time in decades. Where the threshold is $ 12K- and you still have that 10K max for property/state/local taxes….)
Continue reading We covered death. Now, it’s time for taxes.
When a home office is not a home office
I’ve had a slew of folks argue with me that their business has no office but the one in their home. If their business is unincorporated (and if your net income is $ 25K or higher- shame on you for being unincorporated) or a disregarded LLC, I agree that they have the ability to claim part of their home’s expenses for business purposes, using Form 8829.
The new tax law has hidden surprises
By now, you may have been contacted by your employer to change your federal and state exemptions. Both because it’s a new year- and because of the tax law that was enacted last year. Normally, you can follow the instructions that you are provided. (But NEVER choose 9 or more exemptions- even if you think that makes sense, because that sets off alarms with every tax agency. I’m not saying you are wrong- I am just saying, why bring on the aggravation.)
And, now for the Senate Side
So, what does the Senate version of this bill (HR-1) do? By and large, the Senate bill matches HR-1. But, there are some significant differences. It’s not clear which house will prevail in their interpretation of the various changes (or that the Senate version passes at all). But, again, tax planning is critical- we need to know what may happen. We need to discern what changes this Senate version- if it passes- will have in conference, when the House and Senate work out the differences in their versions.
HR 1, too!
We began discussing the proposed changes to personal tax filings yesterday. We’ll finish with the changes to the individual tax system today-and then go on to the changes to the business tax filings.
Real Property Problems?
You’ve all heard folks ask this- Are you still happy with the folks for whom you voted? This year, it’s been terribly poignant, since so many folks fell for the bait and switch politicians. The ones who promised to do A and then promptly did B- or nothing at all.