2018 will bring lots of changes to the tax code! Below is a summary of all the changes that will take place. Please contact me if you have any questions on how the tax bill may affect you or if you want any clarity for a particular issue.
Taking a deduction for your home office is a scary endeavor for many tax payers. They hear the horror stories about people getting audited because they took the deduction. There’s nothing to fear! As long as you fit the requirements and legitimately have home office expenses, then it’s a deduction that can save you a lot of money every year. Official IRS information can be Found Here.
The task, however, gets a little more complicated when you are a greater than 2% shareholder of an S-Corp. Prior to the IRS making a recommendation to use the Accountable Plan and subsequent reimbursements to the employee (or shareholders), taxpayers […]
There are 4 simple ways in which owning a home can Save you in taxes:
1. Mortgage interest deduction – owning a home allows you to deduct the interest you pay for your mortgage. This is usually the biggest tax break for most people because a large portion of your house payment goes toward interest. This is especially true at the beginning of a mortgage. You can deduct all the mortgage interest you pay given that your loan is for less than $1 million. This includes any interest you pay on a loan to buy your home, the interest on a home equity line of credit, or home […]
How can I pay my taxes online?
If you owe money to the IRS, you can make a secure payment through their new online portal at: www.irs.gov/Payments.
If you’re worried about being able to make all your payments online, you can create an online payment agreement with the IRS at: www.irs.gov/Individuals/Online-Payment-Agreement-Application.
As much as it stinks to have to pay the IRS, at least their making it easier to do so.