- QuickBooks Tip: Receiving Payments in QuickBooks Online
- It’s perhaps one of your favorite activities in QuickBooks Online: recording money that comes in. Are you doing it right?
- Borrowing Money to Finance an Education?
- If you are considering borrowing funds to finance your education or the education of your spouse or children, you may wish to take advantage of the available tax benefits.
- Cash Flow Solution for Seniors
- Some retirees are faced with mounting debt and inadequate income. What options do these seniors have, especially if they have a mortgage on their home and their retirement income is too low to cover the mortgage payments and have enough left over to have some enjoyment in their golden years?
- Does the child care tax credit apply to you?
- Summer has arrived, and that means it is summer camp time.
- Transform Nondeductible Interest into Tax Deductible Interest
- The only interest that is still deductible as an itemized deduction is home mortgage interest and investment interest. If you are like so many others with large consumer debt, such as credit cards and car payments, you are paying high interest rates that are not deductible. If the amount of consumer interest you pay each year is substantial and you itemize your deductions, you may want to consider converting that nondeductible interest into tax-deductible interest by paying off the consumer debt with a home equity line of credit. Generally, current law allows individual taxpayers to borrow up to $100,000 of home equity and deduct the interest on that loan as home mortgage interest. This would also apply to planned large consumer purchases, such as a car or motor home. Using a home equity line to purchase these items will make the interest deductible.
  |
|  |