Charitable Donations

Everyday Tax Tips Charitable Donations Give to receive! Charitable donations, whether in cash or in kind, to a qualified organization can net you a tax deduction equal to the amount of cash or the value of the items donated. A quick way to track these donations are to...

Investment Interest

Everyday Tax Tips Investing in the market can be a smart way to grow your hard-earned money. But it can also be expensive. However, you may be eligible to deduct the investment fees you paid. This could add up to some pretty sizable deductions and tax savings....

Mortgage Insurance Premiums (MIP)

Everyday Tax Tips Mortgage Insurance Premiums (MPI) So you bought a new house and wasn’t able to make that hefty down payment and now the bank would like you to pay mortgage insurance (MIP). While those premiums are often small in relation to your overall payment,...

Home Mortgage and Points Paid

Everyday Tax Tips The biggest purchase many Americans make is their home. And for many, this purchase will involve obtaining a mortgage. Mortgage interest–and the related points paid at closing–can be deducted on your tax return for interest paid on...

State and Local Taxes

Everyday Tax Tips Did you know that state income taxes are deductible? It’s true! If you paid tax to any state or had state tax withholding, you are able to take a deduction for those amounts on your tax return. Didn’t pay state income tax? No worries. You may be able...

Personal Property Taxes

Everyday Tax Tips Did you purchase a car, motorcycle or a boat this year? Guess what? The taxes you paid on those purchases can be deducted on your tax return. Take advantage of this deduction and let your tax professional know about your cool new toy! Don’t have a...