Tax Tips: Home ownership pays at tax time

It's no secret that parts of our horribly complicated tax code have been invented (in part) to encourage or discourage certain behaviors. One of the "encouraged" behaviors is home ownership.

Along with home ownership comes the potential to itemize your deductions on your personal income tax return, and hopefully save yourself some tax dollars. Included in your itemized deductions are real estate taxes and home mortgage interest. Those can give taxpayers literally hundreds or thousands of dollars of tax savings.

So when you're considering whether or not to buy a home, you might want to factor in the tax impact. Although my home costs me more each month in terms of my mortgage payment and property tax escrow than my last apartment, I'm building equity, living in a larger place, and saving money each month when I factor in those tax deductions that I get at the end of the year.

Online Tax Filing

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Video: Home Repairs and Tax Deductions

You can claim tax deductions on certain types of repairs you make to your home throughout the year. Learn about home repairs and tax deductions with help from TurboTax in this video clip.

Read More

Brought to you by TurboTax.com

What Are State Sales Taxes?

Many states and local governments impose a direct tax on consumption when you purchase goods and services.

Read More

Brought to you by TurboTax.com

Reality Star Tax Blunders

Tax blunders can be made by anyone, from the average taxpayer to television stars. However, when you're a reality star, your finances often make front-page news. Since many reality stars are newly wealthy, they can be particularly vulnerable to financial missteps, since they may not be well versed with the tax requirements that arise from a cash windfall. Perhaps the most famous reality star with tax issues is Richard Hatch, the winner of the first "Survivor" season. However, the lessons to be learned from the following reality star tax blunders can apply to many taxpayers.

Read More

Brought to you by TurboTax.com

Tax Time Gains and Losses: Calculating Your Investment Portfolio Results

Every investor's goal is the same, to make money. But a dollar earned in one investor's portfolio is not necessarily the same as a dollar earned in another's. That's because each portfolio might include a unique mix of investments and also might spread those investments among different types of accounts. When it comes to minimizing the tax bite, there may be as many different strategies as there are portfolios, but you have several ways to manage your portfolio to reduce your overall obligation.

Read More

Brought to you by TurboTax.com
Read Full Story