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The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.
Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity. This is known as a Qualified Charitable Distribution. The donation must be made directly from the … Continue reading »
Hurricane Sandy has left her mark. This included power outages, significant property damage and, sadly loss of life.
No Fifty Shades of Grey here. Here are Fifty Black and White Tax Deductions and Credits.
1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.
2) Medical Expenses
3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.
Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:
Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence. However, there is a limitation on this. The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit. Points paid to secure a mortgage when purchasing a new home are fully deductible. Points paid on a refinance must be amortized over the life of the loan.