Home Equity Tax Deductions

The Tax Cuts and Jobs Act of 2017 affected home equity tax deductions as of 2018.  Under prior law, you could deduct interest on up to $100,000 of home equity debt, no matter how you used the money.  The old rule is scheduled to return in 2026.  The bad news is, you now can’t deduct interest on home equity loans or home equity lines of credit if you use the money for college bills, medical expenses, paying down credit card debt, and so on.  For home loan interest to be tax deductible, the taxpayer that secures the loan must use the money to buy, build, or substantially improve his or her home.

Small Business: Coping With Summer Vacations

During the summer, it may be true that “the living is easy,” as the old song goes.  However, the midyear season is often not so easy at small businesses because many employees are taking vacations.  Total work hours often shrink and so may company productivity.

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Tax Calendar

June 15th – If not withholding, second installment of estimated 2018 tax due.