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It feels great to get a raise or bonus; but, you still have to pay the tax man. Here's how to do it without spoiling all the fun.
Good news: Your employer likes the work you are doing and your company had a good year (or they were just feeling generous). Whatever the case...
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Can I ever get a tax benefit out of all the money I’ve spent fixing up my house?
You generally can't deduct the cost of a new roof (or any other home improvement) in the year when you spend the money. But if you keep track of those expenses, they will help you reduce your...
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If you own a vacation home, you'll be glad to learn that there are a variety of tax breaks to offset your costs of ownership.
Getting away to a vacation home is a great way to relax and enjoy the beach, the mountains, or the wide open spaces, but there's another advantage:...
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Can I deduct the interest I am paying on my home equity loan?
When you tap into your home equity by taking out a loan or setting up a line of credit for $100,000* or less, the interest is almost always tax deductible.
But use caution with these loans. In theory, they’re...
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When can I deduct the points I paid when I took out my mortgage?
When you buy a house, you often have to pay points to the lender, in order to get your mortgage. Each point equals 1% of the loan balance. Points can usually be deducted, because they are considered a...
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With interest rates hitting 40-year lows recently, mortgage refinancing is more popular than ever. For most people, the tax consequences of refinancing are straightforward; you get to deduct the interest you pay on the new loan, just as you did with the loan which was...
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