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The
Presti & Naegele Advantage
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Watch Now
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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President signs Highway Bill revising return due dates, making other compliance change
President Obama signed the Surface Transportation and ...Read More
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Busy tax agenda awaits Congress’ return after August recess
Congress returns to work in September with a full agenda of tax legislation. Lawmakers will ...
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How Do I? Form a partnership for tax purposes
A business operated by two or more owners can elect to be taxed as a partnership by filing Form 8832, the Entity ...
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September 2015 tax compliance calendar
September 2015 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Developments continue to impact the mortgage interest deduction
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The mortgage interest deduction is widely used by the majority of individuals who itemize their deductions. In fact, the size of the average mortgage interest deduction alone persuades many taxpayers to itemize their deductions. It is not without cause, therefore, that two recent developments impacting the mortgage interest deserve being highlighted. These developments involve new reporting requirements designed to catch false or inflated deductions; and a case that effectively doubles the size of the mortgage interest deduction available to joint homeowners. But first, some basics.
Mortgage Interest Deduction Ground Rules
Mortgage interest - or "qualified residence interest" - is deductible by individual homeowners. Qualified residence interest generally includes ... Read More
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FAQ: When must individuals pay estimated taxes?
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Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. For instance, amounts roughly equal to an employee's estimated tax liability are generally withheld from the employee's wages and paid over to the government by the employer. In contrast, estimated taxes are taxes that are paid throughout the year on income that is not subject to withholding. Individuals must make estimated tax payments if they are self-employed or their income derives from interest, dividends, investment gains, rents, alimony, or other funds that are not subject to withholding.
Estimated income tax payments are required from taxpayers who:
- expect to owe at least $1,000 in tax for the year, after subtracting taxes that were paid through withholding and tax credits; and
- expect that the amount of taxes to be paid during the year through other means will be less than the smaller of-
- 90% of the tax shown on the current year's tax return, or
- 100% of the tax shown on the previous year's return (the previous year's return must cover all 12 months). This 100-percent test increases to 110 percent if the taxpayer's AGI for the previous year exceeds ... Read More
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