WealthWISe 2015_09 individual

I bet that you or your tax preparer are overlooking some “Itemized Deductions.” Don’t throw away these tax savings! Two examples are “points” paid on a home mortgage loan and job hunting costs. The rules on points are confusing, and job hunting costs are considered miscellaneous deductions and so are not deductible unless they exceed 2% of your adjusted gross income. What to do?

Get the “point.” For example, several confusing rules control the deduction of loan origination fees, (“points”). Did you know that you can deduct points when you purchase your main residence, but not when you refinance? You must “amortize” points paid on a loan  to refinance. This means that you gradually deduct them over the term of the loan.  However, if you refinance again, the entire balance of points being amortized are deductible.

Job-hunting costs.  Travel while job hunting is deductible: air fares, lodging, resumes, postage and much more. However, these costs are classified as Miscellaneous Deductions, which are deductible only if they exceed 2% if Adjusted Gross Income. The key is to find more Miscellaneous Deductions.

My Advice: Use my *Free 1/2 hr Offer* to see if you can learn how take advantage of these deductions.

About Wis Laughlin

I help clients with tax preparation and IRS representation, estate planning, and complex contracts, including LLC's. As a former IRS tax attorney in their National Office. Law.com picked Wis in 2017 and several prior years as one of the Top Tax and Estate Lawyers in Tennessee. I am your advocate, not your accountant. I don't tell you what you can't do. I show you how to do it.
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