Home life can spur tax benefits
Home life can spur tax benefits as credits and deductions reduce tax liability. Homeowners gain from mortgage interest deductions, real estate taxes, charitable gifts, medical costs and other incentives. Itemizing often beats standard deduction, with benefits increasing for major home improvements and capital gains exclusions for sellers who lived in the home.
MENTIONED IN THIS ARTICLE
Washington
Bob Scharin
RIA
Practical Tax Strategies Journal
Tax relief for soldiers in combat zones extended deadlines
Soldiers in combat zones receive flexible filing deadlines and tax free combat pay. The law allows inclusion of tax free pay toward credits like the child tax credit and earned income tax credit. Combat zone coverage includes areas in the Arabian Peninsula, Afghanistan, and Kosovo and applies to those in direct support roles. Soldiers have 180 days after leaving combat to file, with waivers on interest and penalties.
MENTIONED IN THIS ARTICLE
Washington
Arabian Peninsula
Afghanistan
Kosovo
Leroy Petz
Petz Enterprises
TaxBrain Online
United States
AMT creeping into less wealthy ranks across nation
The alternative minimum tax AMT is catching more taxpayers beyond the wealthy. It can erase child and state local tax benefits and raise bills for many with large itemized deductions. Key indicators include high state taxes, investment income, unreimbursed work expenses, and incentives stock options.
MENTIONED IN THIS ARTICLE
Washington
George Jandl
KPMG
AMT
Battaglia
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