Big shift in standard deduction for married couples
Taxpayers married filing jointly may find the higher standard deduction more beneficial than itemizing. Lawmakers doubled the joint standard deduction, now $9,500 in 2003, helping those with itemized totals around $8,000 to $9,500 avoid tedious deductions. Jackie Perlman of H R Block notes the change eases the marriage penalty.
MENTIONED IN THIS ARTICLE
Washington
Jackie Perlman
H&r Block
Perlman
Bob Scharin
RIA
New York
Commonly overlooked tax deductions and limits
Taxpayers can reduce taxable income using standard or itemized deductions. The list includes personal property taxes, points on mortgages, job-related publications, business cellular use, union dues, work uniforms, tax prep fees, gambling losses, medical aids, hearing aids, stop smoking aids, medical mileage, safe deposit boxes, job seeking expenses, worthless securities, and more. The article notes the 2006 2010 phaseouts, higher standard deduction benefits, and advises keeping receipts to maximize legitimate deductions.
MENTIONED IN THIS ARTICLE
Associated Press
Internal Revenue Service
Wuny
Irs.gov
Mortgage deduction rules expand with churn in home loans
Taxpayers face complex rules as record home buying and refinancing push deductions. Mortgage interest remains the key benefit with real estate taxes, points, and buying costs deductible under varying conditions. Vacation homes, equity loans, and home offices add further nuance for itemizers and credits.
MENTIONED IN THIS ARTICLE
Mary Dalrymple
Associated Press
Washington
Bernard Kent
PricewaterhouseCoopers
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Seth Tes OU Reo
South Main St
Ottawa
ECKAN
Mary & Russell Thomas Richeson-Thomas ,G., Inc
Hrblock.com
Princeton
Kansas
Professional Tax Service
Rg& J
S. Main
N. Maple
Garnett
Jackson
Hewitt
JO Wolken
A.T.A
TAX Time Tax Service, Inc
S. Main St
S. Oak
Garnett, KS
Direcway
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