As the calendar flipped over to 2018, the frenzy of prepaying property tax is finally over. As I observed in emails and Internet postings it occurred to me there are two opposite camps when it comes to paying taxes. The first camp, where I belong, [...]
IRS Advisory On Prepaying Property Tax In 2017
At the end of the previous post on making the mortgage payment due on January 1 in December, I wrote: Similarly, if the 2018 property tax bill hasn’t come out yet, prepaying now to just have the local government hang on to the money doesn’t make [...]
Make Mortgage Payment Due On January 1 In December
This is a quick follow-up to my email to subscribers yesterday. I said I wasn't sure whether making the mortgage payment due on January 1 in December would save taxes when you will switch from itemizing deductions in 2017 to using the standard [...]
High Income In Blue States Under New Tax Law
Now that the new tax law is official, it's time to update this post. One of the big changes on the individual side is the $10,000 cap on the state and local income tax and property tax deductions. It's said to affect primarily people with a high [...]
ACA Self-Employed Health Insurance In H&R Block Software
Last time when I looked at how different tax software handled the circular calculation of the ACA tax credit and theself-employed health insurance tax deduction, H&R Block software failed at the task. See Tax Software Bake-Off: Self-Employed [...]
Tax Filing For Self-Employed Health Insurance Through ACA
This post is brought to you by TurboTax. While this post was sponsored by TurboTax, all content and opinions expressed here are strictly my own. When you are self-employed, unless you still get health insurance through an employer, government, or [...]
IRS Guidance On Circular Reference in Obamacare Premium Subsidy and Deduction
Some of you may remember this post I wrote last year: Circular Reference In Self-Employed Health Insurance Deduction Under Obamacare Premium Subsidy. It pointed out a circular reference math problem between the premium subsidy under Obamacare and the [...]
What’s My Marginal Tax Rate?
[Note from Editor: This is a guest post from reader Bob's not my name.] Did you know that the highest marginal tax rates are paid by families with students in college? The modern tax code has made it very difficult for Americans to know their [...]
Fiscal Cliff Law and Exemption and Deduction Phaseouts
The previous two posts about the fiscal cliff law looked at Roth conversion and dividends and capital gains. Today we look at the new law's reductions to personal exemptions and deductions for higher income taxpayers. Higher income for this purpose [...]
