by Susan Bannwart-Mairo | May 17, 2018 | Taxes
The recent tax reform contains two big changes to how much you can deduct in mortgage interest for tax years 2018 through 2025: During this seven-year period, you may not deduct any interest on prior or current home equity debt, with certain exceptions. Also during...
by Susan Bannwart-Mairo | Feb 4, 2018 | Uncategorized
Included in the “Tax Cuts and Jobs Act” that takes effect for years 2018-2025, is the Section 199A which is known as the 20% Deduction for Pass-Through Entity Owners and Investors in Real Estate. The following are eligible to take advantage of Section...
by Susan Bannwart-Mairo | Jul 18, 2017 | Taxes
As you have heard, the Illinois legislators passed an income tax hike earlier this month which is effective July 1, 2017. What does this mean for you? Illinois income tax rates increased from 3.75 percent to 4.95 percent for individuals, trusts and estates. Beginning...
by Susan Bannwart-Mairo | Jan 1, 2017 | Taxes
The Internal Revenue Service has issued its 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2017, the standard mileage rates for the use of a...
by Susan Bannwart-Mairo | Sep 14, 2016 | Taxes
The rules for business education deductions are as follows: You must already work in the business the education relates.¹ You must have already met the minimum educational requirements for the work.² If your education meets the above requirements, the rules let you...
