Are home equity loans tax deductible after TCJA?

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 …

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Student Loan Tax Deduction Simplified

STUDENT LOAN TAX DEDUCTION

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 …

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Is health insurance deductible ?

health insurance deductible

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 …

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2019 Standard Mileage Rates Announced !

2019 Mileage Rates

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 …

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Workers with Disabilities Can Save More in ABLE Accounts Now !

able accounts for disabled

able accounts for disabledPeople 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.

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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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