Category Archives: Tax Deductions

Standard or Itemized Deductions

In 2017, the Tax Cuts and Jobs Act increased the standard deduction for married couples to $24,000. In some instances, homeowners may be better off using the standard deduction than itemizing on their return. Previously, homeowners could get a better benefit with itemizing but there is now a $10,000 limit of state and local taxes […]



Deduct Your Interest and Lower Your Rate

America’s credit card debt is back and at levels we saw prior to the recent recession. According to CreditCards.com Weekly Credit Card Report, APR’s are running just under 16 percent. But homeowners have an advantage that renters do not when it comes to dealing with high debt. Debt advisors will tell you that you need […]


Tax Benefits of Home Ownership

In 1913, the 16th amendment introduced personal income tax and U.S. taxpayers have enjoyed specific tax benefits for home ownership. These tax benefits may not be the reason why most people buy a home, but they are real and are not available to people who rent. Changes made to the capital gains tax code in […]


Re-think Rentals

Contributors to the rate of return on rental real estate are appreciation, cash flow, leverage, tax advantages and equity buildup. If all of this is confusing and is keeping you from investing in rental property, take a different approach. Let’s cut out all but cash flow and equity buildup as factors to buy rental property. […]


Did you include these?

Just about two months until your 2014 tax returns are due. Whether you are doing them yourself or having a professional prepare the returns, you need to make sure you have all your deductions accounted. Below is a list I have created that will serve as a reminder to check and see if they apply […]


Do you want more for your money?

There are several types of investment opportunities in the world today. If you take a certificate of deposit, this generates cash flow depending on its interest rate but that is the only way it generates investor returns. If you invest in stocks, and don’t get paid dividends, you only earn your investment back if you […]


Time to Review your Personal Finances

The average worker has to earn two dollars for every dollar they want to spend assuming they are paying 50 percent of their earnings in social security, income tax and Medicare tax. By reducing your personal expenses, you get back 100 percent of that money because it is usually spent after taxes. A new year […]



Shifting Debt to Tax Deductible

Available to homeowners is the Mortgage Interest Deduction for up to $1,000,000 of acquisition debt on both their first and second home. If they have Home Equity debt they can also deduct interest on up to an additional $100,000. Home Equity Debt can be used for any purpose such as educational or medical expenses, buying […]