Q: We took out a $320,000 mortgage to buy our home several years ago. We recently used inheritance money to pay off the $220,000 balance on the mortgage. Our house is now worth around $700,000. If we take out a new mortgage for $400,000, can we deduct all of the mortgage interest we'd pay? L.M.S., Montvale, N.J.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
The Senate approved a long-stalled bill on May 11 that would end a trade dispute with Europe and shower U.S. corporations with several new tax breaks, including reduced income taxes for manufacturers.
Taxpayers are receiving better and faster service at IRS offices around the country, according to a study by the Treasury Department's inspector general.
IRS bigwigs are predicting increased audit activity of employer retirement plans.
Take home more pay. If your teen works a summer job, taxes can put a dent in his or her take-home pay.
Think you're immune from the alternative minimum tax? A new case shows how even low-income taxpayers are being hit.
Does your company need a quick capital transfusion to keep operating? If so, consider forgiving money the company owes you and treating it as a contribution to the corporation. Done properly, this is a tax-free transaction for you and the corporation.
You aren't allowed to deduct the value of services you personally provide to a charity. But you can deduct the cost of someone else's services.
Democratic presidential candidate Sen. John Kerry unveiled his plan this month to offer small business owners a mix of tax breaks and government help in exchange for lowering health insurance costs for employees.
In colonial times, governments posted debtors' names in the town square to embarrass them into paying up. More states are doing the same thing, with a 21st century twist: They're launching Web sites that list companies and individuals who owe big back-tax bills.