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Homeowners: Review House-Related Deductions and Programs

The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs, and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses: Most home buyers take out a mortgage loan to buy their home and then make monthly payments to the mortgage holder. This payment may include several costs of owning a home. The costs the homeowner can deduct are: state and local real estate taxes, subject Read more [...]
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Tax Considerations For People Who Are Separating or Divorcing

When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance. Update tax withholding: When a taxpayer divorces or separates, they usually need to update their proper tax withholding by filing with their employer a new Form W-4, Employee's Withholding Certificate. If they receive alimony, they may have to make estimated tax payments. Tax Read more [...]