Tax Home vs. Personal Home

Did you know the fact your personal home is not your tax home is an income tax issue?   How about this: business travel is different from business transportation. Confused yet? Don’t worry, I’m here to clarify! Your tax deductions, tax strategies, and tax records hinge on these federal income tax–defined terms: Personal home TaxContinue reading Tax Home vs. Personal Home

Mortgage Interest

I want to talk about something that could seriously affect your mortgage. So if you are a homeowner, pay special attention to what I’m about to tell you. The Tax Cuts and Jobs Acts changed how much you can deduct in mortgage interest for tax years 2018-2025. Here’s the breakdown: You no longer can deductContinue reading Mortgage Interest

Special Needs Education

Raising kids can be expensive! And, if you have to get specialized care for a child with special needs, it can be even more expensive. That’s why in this lesson, we’ll walk through how to deduct the educational costs associated with managing your child’s special needs as a health-related expense. Before we dive into theContinue reading Special Needs Education