by Bill Houston | Feb 2, 2020 | Reduce Your Taxes
You might recall that the deduction for mortgage insurance premiums died as of Dec 31, 2017. You weren’t allowed to claim those premiums as part of your 2018 itemized deductions. Many people missed this because the doubling of the standard deduction (from $6000...
by Bill Houston | Jan 27, 2020 | Business Deductions, Reduce Your Taxes
There are a number of reasons to convert your business to an S Corporation but the most common is to reduce self-employment (SE) taxes. Any one operating their business as a sole proprietorship or an LLC taxed as a disregarded entity (fancy way of saying sole prop) or...
by Bill Houston | Sep 3, 2017 | Reduce Your Taxes
Volunteering at local charities, such as your PTA, may give you some valuable tax breaks, such as deductions for mileage, travel expenses and out-of-pocket expenses. There are rules of course, that you must adhere to. The IRS allows you to deduct expenses associated...
by Bill Houston | Nov 6, 2016 | Reduce Your Taxes
Here are a few tax planning tips to help reduce taxable income for 2016. It’s not too late to utilize some of these strategies. You can accelerate deductions and defer income- for example, make an extra mortgage payment before the end of the year or put off...
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