Just like the income tax, most people can’t avoid paying Social Security taxes on their employment and self-employment income. There are, however, exemptions available to specific groups of taxpayers. If you fall under one of these categories, you can potentially save a significant amount of money. However, if you do take advantage of the exemption, … Read more Who Is Exempt from Paying Social Security Tax?
The home mortgage interest deduction was spared in the tax reform, but the amount of home mortgage allowable for purposes of the deduction was limited to $750,000 for new mortgages. Existing mortgages were grandfathered, but that didn’t appear to be the case for home equity debt, raising some questions for taxpayers. The Internal Revenue Service … Read more IRS Issues Guidance For Deducting Home Equity Loan Interest Under The New Tax Law