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2012 Tax Benefits Increase Due to Inflation Adjustments

Posted in Tax News on February 22, 2012

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:

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The 5 Most Common Itemized Deductions

Posted in Tax News on September 8, 2011

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…

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3 Reasons Why Connecticut Should Not Impose a Buyers Tax on Real Estate Purchases

Posted in Tax News on June 2, 2011

  The State of Connecticut Budget proposal includes a conveyance tax on buyers of real estate.  The tax imposed would be 1% of the purchase price on homes purchased above $150,000.  Here are 3 reasons this proposal should not be…

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The Last Mortgage Refinance

Posted in Tax News on May 13, 2011

What direction do you think interest rates are headed in? Homeowners have ridden the variable interest rate mortgage ride for all it’s worth. The prime rate hit 20% in 1980.  Since then interest rates have been in a long and…

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Can I Take a Home Office Deduction?

Posted in Tax News on March 17, 2011

The home office deduction is a confusing topic for many taxpayers.  Can I only take it if I am self-employed? What if you’re not self-employed, but work at home frequently?  And isn’t it true that the IRS is more likely…

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