A V Tax Associates

Did you Rollover an IRA/Retirement Account and Exceed the 60-Day Rollover Time Allowed. Do fret there way to wave the penalties

When you need a dependent to claim on your tax return

Do you have Unreimbursed Employee Business Expense? If you do, then this is for you - PLEASE LISTEN!!!

Standard Mileage Rates for 2017 http://avtaxassociates.com/newsletter.php#10

HERO Program The HERO program states that it can provide financing for over 50 different energy and water effective products including attic insulation, fuel cell generation systems, air sealing electric vehicle charging stations, attic fans, high-efficiency toilets, artificial turf, etc. Property Taxes - Although payments of the loan in the program are made through your property taxes, the payments are not deductible property taxes. (IRS Information Letter 2012-0018)... Interest Deduction - Note that the loan meets one of the requirements to be deductible as home mortgage interest: They are secured by the residence. In virtually all cases, solar panels would qualify as a substantial improvement to the property, and therefore, the associated debt would be acquisition indebtedness. In Theory - If the interest paid on the loan in the tax year is $600 or more, you will receive a Form 1098, Mortgage Interest Statement. On the property tax statement, a sperate line will show the total amount of payment, including both principal and interest. However, two complications may arise that make this relatively simple matter more difficult: - The interest on the loan may be under $600 due either to the fact that the initial loan was small, or the loan has amortized to the point that interest payments have decreased. Therefore you will not receive a Form 1098; and - You may pay your property taxes through an impound account and throw away your "Memo Copy" of your tax bill. To Avoid the problems contact knowledgeable Tax Preparer. They will be able to help you further regarding these issues.

TAX TIP - TEACHER Did you use personal funds this year to buy supplies or books for your students? If so, you can deduct $250 of those costs from your taxes and you don't even need to itemize your deductions to do so. If you spent more than that, you can deduct those costs as well, but you can only include them in your itemized deductions. Get a letter from the Principal on the School's letterhead dated before your tax return is filed (Preferably December 31, 2016) with the... following items. 1. A description (but not the value) of non-cash contribution (Classroom Supplies) 2. A statement that no goods or services were provided by the school in return for the contribution. Without this letter and you can itemize your expenses can only be deducted as unreimbursed job expenses that exceed 2% of your adjusted gross income. Where a Charitable Contribution is fully deductible.

Don't Wait Until The Last Minute To Have Your Taxes Filed. Call Today To Schedule Your Appointment Now Excepting New Clients

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And it gets more confusing day by day