by jburns5130 | Dec 14, 2020 | Commonwealth of Mass, IRS, Person in Need, Seniors Helping Seniors, Tax Deductions, Tax Preparation
If the Caronavirus has had negative effects on your finances, temporary changes to the rules under the CARES Act may give you more flexibility to make an emergency withdrawal from tax-deferred retirement accounts during...
by jburns5130 | Nov 14, 2020 | Commonwealth of Mass, IRS, Tax Deductions, Tax Preparation
One of the CARES Act updates impacts allowable charitable cash contributions for Standard Deduction filers. The deduction of charitable contributions is generally reserved for taxpayers that itemize their deductions. With the CARES Act, Standard Deduction filers can...
by jburns5130 | Feb 1, 2020 | IRS, Tax Credits, Tax Deductions, Tax Preparation
Mortgage insurance deduction: For those who are required to pay personal mortgage insurance (PMI) on their home or vacation homes, those payments are once again deductible through 2020 — and retroactive to 2018. College tuition deduction: Those with qualifying college...
