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Don’t overlook these end of year tax saving moves!

Don’t overlook these end of year tax saving moves!

by Tiffany Mellow | Dec 30, 2019 | Personal Tax Deductions

The end of the year is drawing close and we are getting many calls for ideas on how to save on 2019 income taxes. Not every idea below may apply to your situation, but the following moves collectively could save you significant tax dollars! Parents may qualify for...
The IRS does not care what your Divorce Decree says!

The IRS does not care what your Divorce Decree says!

by Tiffany Mellow | Oct 4, 2018 | Personal Accounting, Personal Tax Deductions, Personal Taxes

Every year at tax time, we encounter a variety of situations relating to divorced spouses claiming their children. In prior years, there were various ways used to justify who claimed which child. Sometimes the spouses agreed who claimed who and sometimes they didn’t....
Casual gamblers may lose big under new tax code

Casual gamblers may lose big under new tax code

by Tiffany Mellow | Jul 11, 2018 | Personal Accounting, Personal Tax Deductions, Personal Taxes

The new tax law will cause many casual gamblers to incur bigger losses than before! Prior to 2018 you could deduct your losses up to the amount of your winnings. You did this by claiming your losses as itemized deductions. The new tax law for 2018 doubles the standard...
New Tax Laws and your Home Equity Loan or Credit Line

New Tax Laws and your Home Equity Loan or Credit Line

by Tiffany Mellow | Jun 27, 2018 | Personal Accounting, Personal Tax Deductions

The 2018 Tax Cuts and Jobs Act limits the deduction for home equity loans and home equity credit lines. The media has done a poor job of informing the public about this issue. Many of the newspaper and radio accounts have indicated there is no provision for deducting...
Alimony Payments Under the New Tax Law

Alimony Payments Under the New Tax Law

by Tiffany Mellow | Jun 13, 2018 | Personal Accounting

For any divorce decree that becomes final after 12/31/18, the alimony payments will no longer be deductible by the payor or taxed as income to the recipient. This only applies to new divorce decrees. Any alimony arrangement that exists prior to 2019 will be...
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