Thanks to
the GOP Tax Act only interest on “acquisition debt” – money borrowed to buy,
build or substantially improve a home - is deductible as mortgage interest on
Schedule A. Interest on “home equity
debt” is no longer deductible.
FYI – home
equity debt is determined by what is done with the money borrowed and not what
the loan is called by the bank or lender.
Interest on a “home equity loan” or “home equity line of credit” may be
partially or fully deductible if the money borrowed is used to make capital
improvements to a home.
It’s always
been important to keep separate track of acquisition and home equity debt,
because of the previous $100,000 limit on home equity debt interest and the
fact that home equity interest was not deductible in calculating AMT. But now it is truly vital that homeowners who
will or may be able to itemize keep separate records of acquisition debt and
home equity debt going back to the original purchase of the property.
It is the
responsibility of the taxpayer to keep track of the separate acquisition and
home equity debt balances. The bank or
mortgage company will not do this.
I have
prepared a “Mortgage Interest Guide” that discusses in detail the rules for
deducting mortgage interest and includes two special worksheets, and a detailed
example, for keeping separate track of acquisition and home equity debt. This guide is only $2.00 delivered as a pdf
email attachment - or $3,00 for a print version sent via postal mail. Order your copy by sending your check of
money order payable to TAXES AND ACCOUNTING, INC, and your email or postal
address, to –
TAXES AND
ACCOUNTING, INC
MORTGAGE
INTEREST GUIDE,
POST OFFICE
BOX A
HAWLEY PA
18428
TAXPAYER
FORMS, SCHEDULES AND WORKSHEETS
I have been
preparing 1040s since 1972. Over the years I have developed a collection of
forms, schedules and worksheets that have proven very helpful in my practice.
You can use
these forms, schedules and worksheets to provide your tax preparer with the information
they will need to properly complete your tax returns so that you pay the absolute
least amount of federal and state income tax possible.
I offer
this compilation to taxpayers for only $6.95!
The forms will be sent as a word doc email attachment – so you can
modify they each year to reflect changes in tax law.
Please
be aware that this is copyrighted material and is for your personal use only. None of these items may be reprinted, as
originally presented or edited or revised, individually or in any combination,
or as part of another electronic, print or online publication, for sale to any
party.
Here are
the items included in the compilation:
A. INCOME –
1. Statement
of Municipal Interest
2. Statement
of US Government Obligations Income
3. State
Tax Adjustments
4. Statement
of Dividend Income
5. Statement
of Investment Income
6. Statement
of Pension Income and Annuity Income
B. SCHEDULE A –
1. Supplement
to Schedule A
2. Medical
Expense Worksheet
3. Medical
Mileage Worksheet
4. Medical
Expenses – Out of Pocket Anaylsis
5. Medical
Expense Analysis *
6. Acquisition
Debt Worksheet (example included)
7. Home
Equity Debt Worksheet (example included)
8. Statement
of Non-Cash Contributions
9. Charitable
Contribution Record – for cash contributions
10.Contribution Worksheet
11.Gambling Log
12.Summary
of Casino Gambling Activity Log
C. SCHEDULE
D
1. Cost Basis Worksheet
D. SCHEDULE
E –
1. Rental
Income and Expenses – Multi-Family Home
2.
Statement of Rental Income and Expenses
3.
Statement of Rental Income and Expenses – Vacation Property
4.
Depreciation Schedule – Rental Real Estate
E. GENERAL
–
1. Joint vs
Separate Analysis
2. Joint vs
Separate Analysis – NJ State
3. General
Statement Form
Send your
check or money order for $6.95 payable to TAXES AND ACCOUNTING, INC and your
email address to –
TAXES AND
ACCOUNTING, INC
TAX FORMS AND WORKSHEETS
POST OFFICE
BOX A
HAWLEY PA
18428
TAX FORMS, SCHEDULES AND WORKSHEETS FOR BUSINESS
I have also compiled a special package of these forms, schedules and worksheets especially for self-employed taxpayers, available for only $6.95.
You can use these unique forms, logs and worksheets to help document your Schedule A tax deductions and to help organize and gather the tax information needed to give to your tax professional.
Please be aware that this is copyrighted material and for your internal use only!
This compilation includes –
In "Portrait" Format:
• BUSINESS MILEAGE LOG
• AUTOMOBILE EXPENSE LOG
• AUTOMOBILE EXPENSE SUMMARY
• CONFERENCES, CONVENTIONS AND EDUCATION
• BUSINESS TRAVEL RECORD
• COMPUTER USE LOG
• HOME OFFICE DEDUCTION
• ALLOCATING BUSINESS EXPENSES TO SCHEDULE C
• RECORD OF CLIENT MEALS AND ENTERTAINMENT
• SECTION 199a QBI DEDUCTION WORKSHEET
• EMPLOYEE TIME CARD
• LISTING OF DEDUCTIBLE BUSINESS EXPENSES
In "Landscape" Format:
• ANALYSIS OF BUSINESS EXPENSES
• DEPRECIATION SCHEDULE
The package will be sent as 2 separate “word document” email attachments (portrait format and landscape format), so you may edit and revise them as you see fit to personalize them for your specific situations and to update the forms for annual COLAs or tax law changes.
Send your check or money order for $6.95, payable to TAXES AND ACCOUNTANTS, INC, and your email address to –
TAXES AND ACCOUNTING, INC
BUSINESS TAX FORMS COMPILATION
POST OFFICE BOX A
HAWLEY PA 18428
DEALING
WITH THE GOP TAX ACT
The 2018
Form 1040 was the first tax return filed with the changes enacted by the GOP
Tax Act. Many taxpayers were surprised,
and some shocked, with the bottom line of their 2018 federal tax returns.
In “Dealing
With The GOP Tax Act” I explain the differences between the new law of the GOP
Tax Act and the “old” tax law and discuss what you can do in 2019 to pay the
absolute least federal income tax possible under the new tax law and avoid
surprise and shock when preparing your 2020 tax return next year.
I also
explain the new limited itemized deduction for mortgage interest and provide
special worksheets for keeping separate track of acquisition debt and home
equity debt – very, very important now – with a detailed example.
I will send
this 12-page special report as an email “pdf” attachment for only $2.00. You can receive a print copy via postal mail
for $3.50.
Send your
check or money order for $2.00 or $3.50, payable to TAXES AND ACCOUNTING,
INCORPORATED, and your email or postal address to –
TAXES AND
ACCOUNTING, INC
DEALING
WITH THE GOP TAX ACT
POST OFFICE
BOX A
HAWLEY PA
18428
AN INTRODUCTION TO SELF-EMPLOYMENT: THE BASICS OF SCHEDULE C
AN INTRODUCTION TO SELF-EMPLOYMENT: THE BASICS OF SCHEDULE C
Are you thinking about starting a business – either full-time or part-time?
The first thing to do is order a copy this book, recently updated for the changes made by the GOP Tax Act for only $9.95.
This is an extensive “must-have” guide for the newly self-employed sole proprietor who will be reporting business income and expenses on Schedule C, and also a good source of information and advice for the already existing business.
It explains such important topics as –
· THE NEED FOR A SEPARATE CHECKBOOK FOR YOUR BUSINESS
· FORMING AN LLC
· BOOKKEEPING
· THE SELF-EMPLOYMENT TAX
· ESTIMATED TAXES
· SELF-EMPLOYMENT RETIREMENT PLANS
· DEDUCTIBLE BUSINESS EXPENSES
· THE QBI DEDUCTION
· THE HOME OFFICE
· THE SELF-EMPLOYED HEALTH INSURANCE DEDUCTION
· GOOD RECORDKEEPING
· PUTTING YOUR KIDS ON THE PAYROLL
· TAKING A TAX-DEDUCTIBLE VACATION
It also identifies some common bad advice. Those who order the book will also receive my compilation of TAX FORMS, SCHEDULES AND WORKSHEETS FOR BUSINESS.
The book will be delivered as a pdf email attachment, and the forms compilation in Word format.
To order your copy send your check or money order, payable to TAXES AND ACCOUNTING, INC, for $9.95 and your email or postal address to –
TAXES AND ACCOUNTING, INC
INTRODUCTION TO SELF-EMPLOYMENT
POST OFFICE BOX A
HAWLEY PA 18428
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