Changes to the SALT deduction caused chaos soon after the law was enacted. Many homeowners rushed out in Dec. 2017 to prepay their 2018 real property taxes, thinking they could deduct them on 2017 returns while the write-off was unlimited. Local governments revised computer systems to accept tax prepayments in 2017 for the 2018-19 year. […]
deductibles, deductions, Income Tax Preparation, IRS, IRS requirements, IRS tax savings, Northside Tax Service, TallyTaxMan, tax changes, Tax Credits, Tax Deductions
The cost of a battery can qualify for the 30% residential solar energy credit, the Service says in a private ruling. Here, the taxpayer added the battery and related components to a previously installed residential solar energy system. In concluding that the battery is qualified solar electric property that is credit-eligible, IRS relied on the […]
Home Energy Credit, IRS tax savings, New Tax Laws, TallyTaxMan, Tax Court, Tax Deductions
Losses in poorly performing Roth IRAs aren’t deductible by account owners. That’s because the investments are owned by the Roth and not the holder of the account. So like gains, losses inside the Roth are ignored for tax purposes. You might be able to claim losses after cashing in all of your Roth IRAs. This […]
Homebuyer Tax Credit, Income Tax Planning, Income Tax Preparation, Internal Revenue Service, IRA, IRS requirements, IRS tax savings, Northside Tax Service, Roth IRA, Tallahassee Tax Service, Tally Tax Man, TallyTaxMan, Tax Deductions, Tax Efficient Retirement