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Weekly Favorites: Homeowner Tax Breaks, Hire Your Kid for Tax Breaks, May Tax Moves

TaxACT Weekly Favorites May 3, 2013

Weekly Favorites: May 3, 2013

Homeowner Tax Breaks Seem Safe via Bankrate
Homeownership is one of the best, and biggest, tax breaks out there. You can deduct mortgage interest, property taxes, even make changes to your home that could help reduce any possible future tax bill. After a Ways and Means committee hearing April 25, it appears that lawmakers are pretty happy with the current home-related tax laws. Continue reading…

Hire Your Kid, Get a Tax Break via MarketWatch
By now, your tax return for last year has probably been filed, and it’s time to focus on cutting taxes for the rest of this year. So here’s an idea for those running a small business as a sole proprietorship or husband-wife partnership. Consider hiring your under-age-18 child as a bona fide employee. It can be part-time or full-time — whatever works for you and the kiddo. Continue reading…

Tax Moves to Make in May 2013 via Don’t Mess With Taxes
Although we’re well past the April 15 tax deadline, some of you might still need some help. So here are a few tips and other May Tax Moves to make in the next few weeks. Continue reading… 

Is there anything that you came across this week that caught your eye? We’d love to hear about it. Leave it in the comments below.

Photo credit: gigi 62 via photopin cc

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