Mar 22, 2022 | Taxes
Even though owning a home comes with some significant expenses, some of them are tax-deductible. With many people looking for ways to lower their income tax, there are a few expenses tied to the house that every homeowner should consider. This could make a significant difference in their final tax bills, and it could lead to a large tax refund.
Home Repair Costs
There are a lot of people who need to make repairs to their houses during the course of the year. In particular, if you have recently purchased a house, you may need to do a bunch of repairs before you move in. Be sure to save any receipts tied to these home repairs, as many home repairs can be tax-deductible. For example, if there is a giant hole in the floor that you need to fix, this could be deductible on your taxes.
Interest on a Mortgage
At the end of the year, your lender should give you a document specifying all the interest you have paid on the mortgage. Generally, the first few payments of your mortgage are almost all interest. Then, the last few payments just before the mortgage is paid off are almost entirely principal. Mortgage interest is tax-deductible, and the lender should give you a statement totaling the interest you have paid during the course of the year.
Property Taxes
When the lender drafts the monthly payment out of your account, this should include property taxes as well as your monthly mortgage payment. Your property taxes may also be deductible on your taxes. Therefore, take a look at the statement given to you by the lender. See if there is a line for the total amount of property tax you have paid. This could add up to a few thousand dollars, and it could be tax-deductible.
Work With a Tax Professional
These are just a few of the many expenses tied to a house that a homeowner might be able to claim on their taxes. Anyone who is interested in claiming tax deductions related to a house should reach out to a tax professional who can help them. That way, everyone maximizes the amount of money they save on their taxes.
Mar 22, 2022 | Taxes
Even though owning a home comes with some significant expenses, some of them are tax-deductible. With many people looking for ways to lower their income tax, there are a few expenses tied to the house that every homeowner should consider. This could make a significant difference in their final tax bills, and it could lead to a large tax refund.
Home Repair Costs
There are a lot of people who need to make repairs to their houses during the course of the year. In particular, if you have recently purchased a house, you may need to do a bunch of repairs before you move in. Be sure to save any receipts tied to these home repairs, as many home repairs can be tax-deductible. For example, if there is a giant hole in the floor that you need to fix, this could be deductible on your taxes.
Interest on a Mortgage
At the end of the year, your lender should give you a document specifying all the interest you have paid on the mortgage. Generally, the first few payments of your mortgage are almost all interest. Then, the last few payments just before the mortgage is paid off are almost entirely principal. Mortgage interest is tax-deductible, and the lender should give you a statement totaling the interest you have paid during the course of the year.
Property Taxes
When the lender drafts the monthly payment out of your account, this should include property taxes as well as your monthly mortgage payment. Your property taxes may also be deductible on your taxes. Therefore, take a look at the statement given to you by the lender. See if there is a line for the total amount of property tax you have paid. This could add up to a few thousand dollars, and it could be tax-deductible.
Work With a Tax Professional
These are just a few of the many expenses tied to a house that a homeowner might be able to claim on their taxes. Anyone who is interested in claiming tax deductions related to a house should reach out to a tax professional who can help them. That way, everyone maximizes the amount of money they save on their taxes.
Jun 22, 2021 | Taxes
There are millions of homeowners that are parents waiting for their advance child tax credits to arrive; however, they might not be sure exactly how much money they are going to get. This makes it difficult to set a budget. Some parents could expect to receive $300 per month between now and December. The rest of the credit should arrive after filing their tax returns next year. How much will parents receive?
The Process Of Calculating A Child Tax Credit
Because of recent changes in federal tax laws, the expanded child tax credit has increased the limit from $2,000 (the limit in 2020) to a maximum of $3,600; however, not every parent is going to receive $3,600.
Children under the age of five years are eligible for the maximum amount of $3,600. Children who are in secondary school (between the ages of six and 17 years) are eligible for a maximum payment of $3,000 per child. Children who are 18 years of age or in college full-time (up to age 24) are eligible for a one-time payment of $500 each.
In addition, these payment amounts will vary depending on the adjusted gross income of the family. Keep in mind that these numbers are estimates only and could vary from family to family. Anyone with questions or concerns about how much money they are going to receive should speak with a tax professional for more information.
Will Expanded Child Tax Credits Be Expanded In The Future?
Fortunately, there are online payment portals available, saving families the trouble of filing an amended tax return for these payments; however, will these payments be extended into the future? There is a possibility that Congress could decide to extend the duration of monthly child tax credits in upcoming stimulus bills. With millions of people still collecting unemployment benefits, the government might be forced to extend child tax credits to make life easier for the millions of people who are suffering.
Right now, families should not assume these tax credits are going to get extended until Congress passes formal legislation. While the government might decide to pass another law similar to the American Rescue Plan, passed earlier this year, nothing is guaranteed. Families should budget for this year’s child tax credit accordingly.
Dec 6, 2017 | Taxes, Uncategorized
By Patrick Crowley of Hershman, Fallstrom & Crowley, Inc.
There is a Massachusetts income tax credit that many senior citizens may not be aware of. Senior citizens who are homeowners or renters and meet income and other eligibility requirements may be entitled to a Massachusetts refundable tax credit of $1,080 even if they have no Massachusetts taxes due or Massachusetts filing requirement. Senior citizen homeowners may claim the credit if they paid more than 10% of their total income for real estate taxes and water and sewer charges. If you’re a renter you can count 25% of the rent paid as real estate taxes. Those seniors who have no filing requirements due to their limited income should look into filing a Massachusetts income tax return next spring as they may be due a refund of up to $1,080 for 2017. In addition, it’s not too late to file a 2014, 2015 or 2016 tax return to claim the credit if you fall into this category. For those seniors out there who have filed tax returns and weren’t aware of this credit, make sure you determine whether you are eligible for the credit in 2017. If you are, you should look into amending your previous 3 years tax returns to claim the refunds that you are due. http://www.hfctax.com/
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Feb 8, 2012 | Taxes

Traditionally, federal income taxes must be filed with the IRS on, or before, April 15 each year. The date has become such a part of U.S. culture that many people simply call it “Tax Day”.
This year, however, for the 3rd time in 7 years, your federal income taxes will not be due April 15. Instead, because of a combination of the calendar, a holiday, and tax law, Tax Day 2012 is delayed until Tuesday, April 17.
You will have two extra days to prepare and file your federal income taxes this year.
Here’s why.
First, April 15 is a Sunday and all federal offices are closed on Sundays. This means that that taxes can’t be filed on April 15, as regularly scheduled. Rather, the tax due date should roll over to the first available business day — Monday.
However, Monday, April 16 is Emancipation Day, a holiday in (more…)