'Tis the season . . . the one nobody likes: tax season. If you usually claim the standard deduction, itemizing deductions might be a better deal. If you already itemize deductions, here are some expenses you may be forgetting.
Health: You can include health and certain long-term care insurance premiums with your unreimbursed medical and dental expenses. The premiums may help put you over the "floor" (7.5% of your adjusted gross income (AGI)) that must be met before any of your medical expenses are deductible. Note: The 7.5%-of-AGI floor is scheduled to increase to 10% beginning in 2013 (some exceptions apply).
Home: If you recently refinanced your home, any points you paid generally can be deducted ratably over the life of the loan. The points may be fully deductible this year under certain circumstances.
Mortgage: Interest on your home mortgage is deductible, including interest you pay on up to $1 million borrowed to buy, construct or substantially improve a principal or secondary residence. The interest on a second mortgage or home equity loan or line of credit also may be tax deductible. (Limits apply.)
Charity: Qualified donations of either cash or property are tax deductible, within limits, as long as you have appropriate substantiation from the charity.
FINRA Reference #FR2012-1030-0152/E 02/04/13
Health: You can include health and certain long-term care insurance premiums with your unreimbursed medical and dental expenses. The premiums may help put you over the "floor" (7.5% of your adjusted gross income (AGI)) that must be met before any of your medical expenses are deductible. Note: The 7.5%-of-AGI floor is scheduled to increase to 10% beginning in 2013 (some exceptions apply).
Home: If you recently refinanced your home, any points you paid generally can be deducted ratably over the life of the loan. The points may be fully deductible this year under certain circumstances.
Mortgage: Interest on your home mortgage is deductible, including interest you pay on up to $1 million borrowed to buy, construct or substantially improve a principal or secondary residence. The interest on a second mortgage or home equity loan or line of credit also may be tax deductible. (Limits apply.)
Charity: Qualified donations of either cash or property are tax deductible, within limits, as long as you have appropriate substantiation from the charity.
FINRA Reference #FR2012-1030-0152/E 02/04/13
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This is an advertisement prepared by LTM Publishing, Inc. for the use of the sender. Articles are not written or produced by the named representative. The advertisement provided is not intended as legal or tax advice and may not be relied on for purposes of avoiding federal tax penalties. All individuals, including those involved in the estate planning process, are advised to meet with their tax and legal professionals. The individual sponsoring this newsletter will work with your tax and legal advisors to help select appropriate product solutions. We do not endorse or guarantee the content or services of any website mentioned in this newsletter. We encourage you to review the privacy policy of each website you visit. Limitations, restrictions and other rules and regulations apply to many of the financial and insurance products and concepts presented in this newsletter, and they may differ according to individual situations. The publisher does not assume liability for financial decisions based on the newsletter's contents. Great care has been taken to ensure the accuracy of the newsletter copy at press time; however, markets and tax information can change suddenly. Whole or partial reproduction of Let's Talk Money® without the written permission of the publisher is forbidden. ©LTM Publishing, Inc., 2013.
We Value Your Input... Your feedback is very important to us. If you have any questions about any of the subjects covered here, or suggestions for future issues, please don't hesitate to call. It's always a pleasure to hear from you.
This is an advertisement prepared by LTM Publishing, Inc. for the use of the sender. Articles are not written or produced by the named representative. The advertisement provided is not intended as legal or tax advice and may not be relied on for purposes of avoiding federal tax penalties. All individuals, including those involved in the estate planning process, are advised to meet with their tax and legal professionals. The individual sponsoring this newsletter will work with your tax and legal advisors to help select appropriate product solutions. We do not endorse or guarantee the content or services of any website mentioned in this newsletter. We encourage you to review the privacy policy of each website you visit. Limitations, restrictions and other rules and regulations apply to many of the financial and insurance products and concepts presented in this newsletter, and they may differ according to individual situations. The publisher does not assume liability for financial decisions based on the newsletter's contents. Great care has been taken to ensure the accuracy of the newsletter copy at press time; however, markets and tax information can change suddenly. Whole or partial reproduction of Let's Talk Money® without the written permission of the publisher is forbidden. ©LTM Publishing, Inc., 2013.
We Value Your Input... Your feedback is very important to us. If you have any questions about any of the subjects covered here, or suggestions for future issues, please don't hesitate to call. It's always a pleasure to hear from you.
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