Filling out a W-9 form isn't difficult since it only requires a few pieces of basic information. You will usually submit a W-9 form when you receive payments for services you provide as an independent contractor, pay interest on your mortgage or even con
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taxpayers 65 and older can claim an extra $1,850 deduction if they are single or file as head of household, or $1,500 per person age 65 or older if they file jointly. itemized deductions. these deductions are based on certain expenses like charitable contributions, mortgage interest, state...
Pay interest on a mortgage or property tax? Both are deductible. The state and local property, income, and sales taxes (SALT) deduction is capped at $10,000. Buy an electric or plug-in electric vehicle? You may be eligible for anelectric vehicle tax credit from the IRS(and potentially r...
Interest paid on their home mortgage $ 5,200 State taxes paid 2,000 Medical expenses in excess of 10% AGI 1,500 Deductible contributions to IRAs 4,000 Alimony paid to Mr. Stevenson's first wife 5,000 Child support paid for Mr. Stevenson's daughter 5,100 What amount may the Stevenson'...
Mortgage interest and real estate taxes: If you own your home, you can deduct your mortgage interest and real estate taxes, as well as points paid. However, after the passage of the 2018 tax reform, your combined deduction for mortgage interest, points and real estate taxes for the year ca...
Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income...
Property taxes and mortgage interest. Charitable donations. State and local taxes you paid. Educational expenses. Unreimbursed medical bills. Last year’s federal and state tax returns. » MORE: Make sure you're not overlooking any of these popular tax breaks 6. File and settle up with the...
"Maybe they have a W-2 and some interest income, take the standard deduction, or itemize straightforward deductions like real estate taxes and mortgage interest, and file in only one state." Who might consider looking to a pro instead? Anyone with situations that go beyond the basics, ...
• Mortgage interest (including interest on home equity loans and lines of credit up to $100,000) • Property tax • State and local income tax* • Charitable deductions There are dozens more deductions that can come into play as well, such as medical expenses that exceed 10 percent ...