THE ROBERT D FLACH TAX PLANNING INSTITUTE


MORTGAGE INTEREST GUIDE

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 C -

1. Automobile Expense Worksheet
2. Auto Mileage Log
3. Business Expenses of a Freelance Writer
4. Business Travel Record
5. Computer Use Log
6. Election to Deduct Organization Expenses 
7. Employee Expense Report
8. Employee Time Card
9. Home Office Deduction Worksheet
10.Cell Phone Log 
11.Schedule C Worksheet

D. SCHEDULE D 

1.  Cost Basis Worksheet

E. 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  

F. 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   


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















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