Tag Archives: Internal Revenue Service

The Sky Is Not Falling – 6 Home Deduction Traps and How to Avoid Them

Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation. Trap #1: Line 6 – real estate taxes Your monthly mortgage payment often includes money for a tax escrow, from … Continue reading

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It’s Your Castle, but Here’s What You Can and Can’t Deduct When You Work From Home

Working from home can offer many advantages including tax deductions. Just take care what you try to write off for your home office on your return. Passing the IRS litmus test To meet IRS guidelines, your home office must be your … Continue reading

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9 Easy Mistakes Home Owners Make on Their Taxes

Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit.  Sin #1: Deducting the wrong year for property taxes You take a tax deduction for property taxes in the year you … Continue reading

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The Tax Man Cometh… Don’t-Miss Home Tax Breaks

From the mortgage interest deduction to energy tax credits, here are the tax tips you need to get a jump on your returns. Mortgage interest deduction Private mortgage insurance deduction Prepaid interest deduction Energy tax credits Vacation or second home … Continue reading

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What Can You and What Can’t You Deduct When You Have a Home Office?

Have  you ever wondered what tax advantages a home office would provide when April, 15 rolls around.  Thanks to Donna Fuscaldo and HouseLogic, this question and more are answered here. Working from home can offer many advantages including tax deductions. Just take care what … Continue reading

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