Welcome to your home tax deduction checklist! For homeowners, this kind of guidance is essential in the wake of all the (confusing) changes ushered in by the new tax plan, the Tax Cuts and Jobs Act. The biggest change? The standard deduction jumped to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly. […]
What Are the Tax Benefits of Buying a House?
As a result of Donald Trump’s recent tax reform, up to 90 percent of taxpayers who formerly itemized their returns may do better to claim standard deduction. (Getty Images) When it comes to buying a home, reaping the tax benefits is a bonus. But, experts warn, tax benefits for homeowners and homebuyers shouldn’t be the sole reason […]
The IRS Will Process Your Tax Refund During the Government Shutdown. Probably.
Photograph by Andrew Caballero/AFP/Getty Images The last thing President Donald Trump wants is millions of angry taxpayers venting that they aren’t getting tax refunds because of the government shutdown. But the Internal Revenue Service may grant him a reprieve. In a plan issued Tuesday, the IRS said it is bringing back more than 46,000 employees, about […]