Taxes Archives – Page 2 of 2

25 Mar 2022

Tax Deductions Homeowners Can Claim During Tax Season

Taxes

Even though owning a home comes with some significant expenses, some of them are tax-deductible. With many people looking for ways to lower their income tax, there are a few expenses tied to the house that every homeowner should consider. This could make a significant difference in their final tax bills, and it could lead to a large tax refund. Home Repair Costs There are a lot of people who need to make repairs to their houses during the course of the year. In particular, if you have recently purchased a house, you may need to do a bunch of…

How The 2018 Tax Changes Can Affect Your Mortgage

Mortgage

When the chatter was at its peak on the 2018 tax law changes being proposed, one of the big areas of concern for homeowners was the elimination of the mortgage interest deduction. Right behind that issue was a similar treatment with regards to property tax deductions. As the rumors swirled and Congress moved, many feared both deductions had finally met their day and were going to be entirely eliminated, resulting in a major financial hit that many homeowners and particularly those in high real estate cost states would have felt painfully. As it turned out, there's no reason to panic…

Tax Breaks Granted By The 2012 Fiscal Cliff Negotiations

Taxes

There was plenty of discussion and debate leading up to the New Year's looming "fiscal cliff". Ultimately, the event was avoided, but not before legislation was passed which may benefit homeowners in Solana Beach and nationwide. If you have yet to file your 2012 taxes, take a minute to review the tax limitations and credit extensions, which Congress passed through the HR 8 legislation. You'll want to ensure you're paying the proper tax bill come April 15. Of course, every individual's tax situation is unique. Review your allowable deductions and credits with your tax preparer. Energy Updates The tax credit…