Your Lake of the Ozarks Mortgage Lender: Tax Season

Wednesday, January 15, 2020

Tax Tips For Homeowners

Tax season is here, and if you are a homeowner, this can be an important time of year! It’s always important to touch base with your tax professional when you have questions about your taxes, but if you need to know what questions to ask or what to start thinking about, here are a few tax tips to keep in mind in as you get ready.

Start Looking Back and Planning Ahead

It’s time to start thinking about last year’s tax season in preparation for this year. You can dig out your 2018 tax return if you would like to review the detailed information of what you collected last year. There are things you will need to collect again this year regarding itemized deductions, business use of home or car and equipment depreciation. If you have questions about this, you can schedule an appointment with your tax professional or visit: https://www.irs.gov/.

Get Organized

Receipts, invoices, canceled checks, online bill pay or automatic deduction logs, mileage logs and other documents are needed to substantiate deductions. If applicable, you'll need to gather documentation for the following:

Charitable Gifts
Equipment Purchases
Memberships to Professional and Trade Organizations
Mileage for Business
Mileage for Volunteering
Office Supplies
Phone and Data Bills
Subscriptions to Professional and Trade Publications
Utility Bills (for Business Use of Home)

Start organizing your paperwork now so that when you need something specific you can find it.

Start Thinking Ahead for Next Year

If this year has you feeling frenzied, you can start an organization method to make next year easier. Start by creating a meaningful and easy-to-follow record system. Having one place to keep your documents can make it so much easier. Of course, that’s the easy part - the hard part is dutifully putting invoices, receipts, and other documentation in there as it comes in. You can utilize a file folder or box to make them easily accessible. Another option is to make use of electronic scanning and storage to help keep things in an easy to find location - but it could be a bit more time consuming if you don’t have a plan in place.

The Basics: Tax Benefits of Home Ownership In 2020

There are tax benefits available for people who buy or sell a home - and it can make it a great financial decision. There are various tax benefits put in place by the government to encourage consumers to purchase homes, which means that buying could be a great choice for you this year. There are two big areas where homeownership can really save money:

Interest Expense: Did you know that homeowners can deduct interest expenses on up to $750,000 of mortgage debt from their income taxes? Keep in mind that when you itemize these deductions, you forgo other deductions available - if you need the specifics, you can speak with your financial advisor or visit www.MortgageCalculator.org

Capital Appreciation: While the home increases in value during ownership, these gains are not taxed at the federal level. This means that homeowners can utilize exclusions in home appreciation when figuring capital gains.

Ready to Buy a Home in 2020?

If a plan for 2020 was to buy a vacation home at the Lake of the Ozarks, this is where Team Lasson can help. We have been assisting homeowners for over 20 years, and we are proud to help homeowners at the Lake of the Ozarks make their purchase. Whether you are planning to buy a vacation home or a primary residence, we would like to help you get started. Visit our website to learn more about our company as well as fill out the application! 2020 is going to be a great year to make your real estate dreams come true, and Team Lasson is looking forward to helping!

For Lake area news, resources and tips on financial services, please

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Tuesday, March 3, 2015

5 Tax-Saving Strategies to Help This Tax Season

Millions of Americans face the challenge of meeting financial and time budgets each month. Knowledge is power and time is money. So what if you don't have the time to empower yourself with knowlegde? For many homeowners at the Lake of the Ozarks, that means losing out on thousands of dollars through tax deductions. Abedeen, a partner at Safeguard Investment Advisory Group, offers the following strategies that may be relevant for you this tax season:

1. Take tax deductions for capital loss.

If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately. However, you may deduct capital losses only on an investment property, not on property held for personal use.

2. Fund your retirement to the max.

You can contribute up to $5,500 to an IRA in tax-year 2014 or $6,500 if you are age 50 or older. Workers in the 25% tax bracket who contributed $5,500 to an IRA would save $1,375 on their 2014 tax bills. You'll want to check your eligibility and understand the deadline for the 2014 deduction. If you make a deposit between January 1 and April 15, you need to tell the financial institution which year the contribution is for.

3. Advisory fees are tax-deductible.

If you don't feel like spending money to save and make money, there's a workaround. Before closing the door on the possibility, inquire with a financial expert. Most are happy to give a free initial consultation and you don't have to be a millionaire to make it worth your while.

4. Gift assets to children.

You don't even have to file a gift tax return on an asset that's valued less than $12,000, which is not taxable. If the fair market value of the gifted asset is more than $12,000 per person per year, but less than $1 million, there is a requirement of filing a gift tax return, but you won't be taxed. The gift will not be income-taxable to the recipient.

5. Deduct a home-based office when used for your employer.

If space in your home is used exclusively and regularly for a trade, you can count that as a deductible. Calculate the square footage of your home office and divide the area of your office by the area of your house. If the percentage is 14%, for example, that represents the percentage of your total home expenses that can be allocated toward the home office deduction.

For further questions on tax-saving, Your Lake of the Ozarks mortgage lender recommends consulting a tax professional. Taxes and finances go hand in hand. When it comes to your financing needs, I'm committed to working with you every step of the way. Contact me today at 573-746-7211 to get started on a new home loan or refinancing your home at the Lake of the Ozarks!

For Lake area news, resources and tips on financial services, please