Tax Deductions – Internal Revenue Code Simplified

Are home equity loans tax deductible after TCJA?

March 26, 2019March 26, 2019 by Prashant Thakur

HELOC or a home equity line of credit , is a line of credit allowed by the lender against your home. This ( heloc mortgage loan ) is a revolving credit line . You can use it for large expenses or to payback higher-interest rate debts such as credit cards because it often has a …

7 FAQs on Mortgage Interest Deduction while Computing Taxable Income

March 15, 2020March 8, 2019 by Prashant Thakur

Do you know if you are eligible for tax deduction related to mortgage interest you paid? Seven answers to most important questions reltaed to tax deduction of home loan interest

Student Loan Tax Deduction Simplified

September 12, 2019March 5, 2019 by Prashant Thakur

Section 221 of Internal Revenue Code deals with tax deduction on student loan interest to a taxpayer if certain conditions set therein are satisfied. If you made federal student loan payments in 2018, you may be eligible to deduct a portion of the interest paid on your 2018 federal tax return. This is known as …

Is health insurance deductible ?

March 1, 2019March 1, 2019 by Prashant Thakur

The very common question “Is medical insurance deductible? ” has no definite answer. In most cases, answer to the question is YES, but there are situation in which you can’t claim health insurance tax deduction easily. For easy understanding, answer to most common four questions related to medical tax deduction is given below : Is …

2019 Standard Mileage Rates Announced !

December 18, 2018December 17, 2018 by Prashant Thakur

The Internal Revenue Service (IRS) has issued the 2019 standard mileage reimbursement rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018) 20 cents per mile driven for …

Workers with Disabilities Can Save More in ABLE Accounts Now !

December 13, 2018December 13, 2018 by Prashant Thakur

People with disabilities who are employed can deposit extra money into their Achieving a Better Life Experience (ABLE )accounts as per the IRS notice. Annual contributions to ABLE accounts are currently capped at $15,000. However, for the Year 2018 , the differently able workers can deposit an additional $12,140 in income. This change in rules to save in ABLE accounts , individuals with disabilities can save more money than ever before without losing out on Social Security, Medicaid and other government benefits.

2019 & 2018 Standard Deduction

December 25, 2018November 5, 2018 by Prashant Thakur

Here is the newly announced standard deduction for tax year 2019 and 2018 table

March 1, 2019April 30, 2018 by Prashant Thakur

When you ensure your health by paying health insurance premium, it may give you some tax relief and when you receive the actual health insurance benefits because of that insurance, IRS will still scrutinize those benefits if some of them fall under your taxable income

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