Income Tax Tag: Turbo Tax

Home tax deductions are often difficult to figure out in the rush to prepare your income tax forms. If you bought a new home, sold a home, refinanced your mortgage, or did some recent home improvements here are a few things to keep in mind throughout the year.

• Keep receipts for home improvements.
• Mortgage interest, lender points, property taxes, and interest on home improvement loans are all tax deductible.
• When you purchase or sell a home, make copies of any  agreements and store the copy in your income tax folder.

Tax forms and instructions offer some help while trying to figure out your home tax deductions, however, they don’t automatically compare your standard deduction versus itemized deduction, nor alert you to other home tax deductions available to you.

If home tax deductions are giving you a headache, try TurboTax Deluxe or H&R Block Deluxe editions. The Deluxe edition prices range from $25 to $35 and usually the price increases the closer we get to April 15. Common home tax deductions supported by both the TurboTax Deluxe and H&R Block Deluxe software are:

• Home improvement tax deductions.
• Second home tax deductions.
• Home equity loan tax deductions.
• Property tax credits.
• Home purchase tax deductions.
• Selling home tax deductions.
• Capital gains tax calculations.
• Claiming first time home buyer tax credits.
• And more.

Don’t forget that you can get discounts to TurboTax and H&R Block products on our website.

Turbo Tax Premier

Turbo Tax Premier edition is recommended for those with investment related income during the tax year. An example of investment income is if you received a consolidated form 1099 from your broker, which reports Interest Income (Form 1099-INT), Dividends and Distributions (Form 1099-DIV), Proceeds From Broker & Barter Exchange Transactions (Form 1099-B), and Miscellaneous Income (Form 1099-MISC). Turbo Tax Premier also handles 401k contributions, retirement, and rental property deductions.

Turbo Tax Premier will:

• Import your investment information directly from your financial institution to help save time.
• Walk you through sale of stocks, bonds, mutual funds, and calculates capital gains and losses.
• Report employee stock plan  transactions and provide tax guidance.
• Show you the benefit of increasing 401k contributions so that you can save even more on taxes.
• Find rental property deductions like travel, advertising, repairs, insurance and others that you might overlook.
• Maximize home refinancing deductions such as reporting points, appraisal fees, costs and more.
• Explain the impact of job changes, getting married, buying a new home, having a baby, and other common life changes.

For a limited time only you can get up to 40% off the regular price for Turbo Tax editions. Use the special offer link on our Turbo Tax review web page which doesn’t require a coupon code.  Hurry to get the up to 40% off discount special offer because the Turbo Tax Premier and other Turbo Tax software edition prices usually increase once the tax season is in full swing