Personal Tax

Article Highlights: Qualified residence interest is deductible interest that is paid or accrued during the tax year on acquisition indebtedness or home equity indebtedness with respect to any qualified residence of the taxpayer. Acquisition indebtedness means that any indebtedness that is incurred in acquiring, constructing, or substantially improving any qualified … [Read more...] about Family Home Loan Interest May Not Be Deductible

Article Highlights: Inherited Basis Certified Appraisals Loss On Sale Potential Law Change People who inherit property are often concerned about the taxes they will owe on any gain from that property’s sale. After all, the property may have been purchased years ago at a low cost by a deceased relative but may now have vastly appreciated in value. The usual question is: … [Read more...] about Tax Break for Sales of Inherited Homes

Article Highlights: Vehicle loan interest Consumer loans secured by the vehicle Using home equity loans to create deductibility Exercising restraint when using home equity Whether or not the interest you pay on a loan to acquire a vehicle is deductible for tax purposes depends how the vehicle is being used (for business or personal purposes), the tax form on which the … [Read more...] about Will the Interest on Your Vehicle Loan be Deductible?

Article Highlights: Balance due payments Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2015 Individual refund claims for tax year 2011 Just a reminder to those who have not yet filed their 2014 tax return that April 15, 2015 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month … [Read more...] about Tax Filing Deadline Rapidly Approaching

March 2 - Farmers and Fishermen File your 2014 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2014 estimated tax by January 15, 2015. March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on … [Read more...] about March 2015 Individual Due Dates