Eukeethia BarnesDec 16, 20191 minHigher Estate Tax ExemptionFiling annual income tax returns isn’t the full extent of the federal taxing arm; there are also estate and gift taxes . While the...
Eukeethia BarnesDec 6, 20191 minHigher Standard Deduction AmountWhen you file your return, you still have a choice between taking the standard deduction or itemizing your personal deductions . The...
Eukeethia BarnesNov 13, 20191 minPersonal Casualty or TheftThe new tax bill only allows taxpayers to claim the deduction if the loss occurred during a federally declared disaster, through 2025.
Eukeethia BarnesNov 8, 20191 minCap on Mortgage InterestIf you obtained a mortgage to buy or build your principal residence (plus one other home) before Dec. 16, 2017, you’re in the clear and...
Eukeethia BarnesNov 4, 20191 min529 College Savings PlansPreviously, 529 plan savings could only be used on qualified higher education expenses. In a major victory for wealthier families, you...
Eukeethia BarnesNov 1, 20191 minACA Individual MandateThe individual mandate is out. Starting Jan. 1, 2019, consumers who do not purchase health insurance will no longer face penalties. GOP...
Eukeethia BarnesOct 29, 20191 minGains Made on Home SalesHomeowners can still exclude gains up to $250,000 (or $500,000 if married filing jointly) when they sell their primary residence, but...
Eukeethia BarnesOct 28, 20191 minFederally Declared Disaster LossesThe itemized deduction for casualty and theft losses to personal-use property, such as your home, household items, car, and jewelry, can...
Eukeethia BarnesOct 24, 20191 minTax Deductions that won’t be ChangingTeacher Deduction Teachers can deduct up to $250 for unreimbursed expenses for classroom supplies or school materials from their taxable...
Eukeethia BarnesOct 21, 20191 minAdjustments to Gross IncomeDo you contribute to an individual retirement account (IRA) or Health Savings Account (HSA)? These and most other deductions you can take...
Eukeethia BarnesOct 18, 20191 minAlimonyOld Rule: The individual paying alimony or maintenance payments can deduct payments from their income. The person receiving the payments...
Eukeethia BarnesOct 16, 20191 minMortgage and Home Equity Loan Interest DeductionNew homeowners can include mortgage interest paid on up to $750,000 of principal value on a new home in their itemized deductions. The...
Eukeethia BarnesOct 9, 20191 minIncreased Child Tax CreditIf you have a child under the age of 17, you may be eligible for a $2,000 tax credit, $1,400 of which is refundable (payable even if more...
Eukeethia BarnesOct 4, 20191 minMoving ExpensesThe new tax bill suspends the moving expense deduction through 2025. Until then, taxpayers are not permitted to deduct moving expenses....
Eukeethia BarnesOct 1, 20191 minLower Tax RatesWhile there are still seven tax brackets, the number of them have been reduced. For example, the top tax rate is 37% (down from 39.6%)....
Eukeethia BarnesJun 24, 20191 min#PaycheckCheckupsAlong with the IRS, Fresh Start Financial encourages you to take a look at your tax withholding now, so that you won't have any large...