Time to See Your Tax Expert
November 19, 2011
There are a number of tax code items that are scheduled to expire at the end of 2011. Because of the need for congress to get serious about deficit reduction, some of the tax deductions may end on December 31, 2011.
I was reminded of this by reading an online article published by Inman News on November 22, 2011.
For homeowners who pay mortgage insurance, since 2007, you have been allowed to deduct the full amount of the premium you pay for mortgage insurance if you are a single taxpayer with an adjusted gross income of $100,000 or less. If your adjusted gross income exceeds $109,000 you are not eligible.
If you make your mortgage payment for January 2012 in December 2011, you should still be able to deduct that payment. Any payments after 2011 are not deductible.
The energy credit will no longer be available in 2012. If during 2011 you installed solar panels or some other types of fuel cells to generate electricity, you may be eligible for a $500 tax credit. Again these credits expire in December 31, 2011.
United States tax code is complex and a visit with a CPA who understands these various deductions and credits could save you some money.
There are a number of tax code items that are scheduled to expire at the end of 2011. Because of the need for congress to get serious about deficit reduction, some of the tax deductions may end on December 31, 2011.
I was reminded of this by reading an online article published by Inman News on November 22, 2011.
For homeowners who pay mortgage insurance, since 2007, you have been allowed to deduct the full amount of the premium you pay for mortgage insurance if you are a single taxpayer with an adjusted gross income of $100,000 or less. If your adjusted gross income exceeds $109,000 you are not eligible.
If you make your mortgage payment for January 2012 in December 2011, you should still be able to deduct that payment. Any payments after 2011 are not deductible.
The energy credit will no longer be available in 2012. If during 2011 you installed solar panels or some other types of fuel cells to generate electricity, you may be eligible for a $500 tax credit. Again these credits expire in December 31, 2011.
United States tax code is complex and a visit with a CPA who understands these various deductions and credits could save you some money.
posted by shirley harry at 9:34 AM
0 Comments:
Post a Comment
<< Home