Individual Tax Savers, Oct.’18

Are you throwing away tax savings?
I bet you are. There is a saying about taxes: “You don’t know what you don’t know.” Most clients miss tax benefits, so I pay for myself. How?
I spend thousands of dollars on daily updates on taxes, so take advantage of it here. With my custom designed TAX MASTERY©  software, I apply over 350 factors to find ways that you can save taxes. I show you how to save, how much you can save, how to prove your tax savings and how to put them in your pocket before tax season by adjusting withholding or estimated tax payments. I can even forecast your 218 taxes.
My advice: pay for the holidays with tax savings! Come in for a free 1/2 hour consultation or pay a little more for a written plan. The earlier you act the more you can save. This article is packed with examples.
For example, the new “standard deductions” are $12,000 for singles and $24,000 for joint returns. However, I can often show you how to beat the standard deductions with actual itemized deductions. My TM report shows you how to beat the standard deduction with medical expenses, sales taxes, mortgage interest, investment interest, and charitable deductions. If you want to know more, read on.

Medical deductions. Medical deductions are deductible only to the extent they exceed 7.5% of your adjusted gross income, but higher health insurance premiums may do the trick. Don’t forget Medicare premiums. Some home improvements qualify.

State and local taxes. These are now limited to $10,000 per year but you can combine, sales, real estate, and income taxes. Most of my clients spend a lot more on sales tax than the IRS table amount. Do you? Many clients can save $1,000 or more by calculating their actual sales tax and maintaining records to prove it. Don’t forget the sales tax on a new vehicle. One client proved over $10,000 in sales tax by getting receipts for materials used to build an addition to their house. Don’t forget real estate taxes on second homes. f you have a business or rental property.

My advice: Come on in and let me help you calculate your actual sales tax and show you how to prove it. 

My advice. You can deduct real estate taxes paid this year once they are due.

My advice: If your taxes exceed $10,000, ask me if you can deduct any of the excess under your Business or Rental.

Mortgage interest. I have one client who saves more than a thousand dollars per year by deducting home mortgage interest on his sailing yacht since it has living quarters.

HELOC: Normally not deductible under the new law, interest on a HELOC can be deducted in some cases if used for a home addition, for a rental property or for a business.

My Advice: Mortgage insurance premiums. Did you know that you can deduct mortgage insurance premiums on the purchase of your principal residence?

My advice:  “Points” on the refinancing of your home that were not deductible when paid can be deducted when you pay off that loan.

My advice: One client was surprised to find that the margin interest in his year-end investment statement could be deducted to the extent of investment income.

The next WealthWISe will talk about my favorite deductions, charitable contributions. 

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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