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Potpourri: Tax Tips
Tip of the Month
June 2002
Potpourri: Tax Tips
Borrow Smart
Credit card debt? If youâre trying to pay off your credit card balances (which, as we all know, is hard to do) and youâre a homeowner, you may want to consider paying off credit card balances with a home equity loan. Mortgage interest and equity interest are deductible (cool!), whereas personal interest is not. (Equity interest on a loan up to $100,000 ($50,000 MFS) is deductible).
Love Makes All Things Equal? Not for the IRS
You love your pet and your pet loves you but you cannot claim your cat or dog as a dependent, even if Kitty or Lassie has a social security number. Lifeâs just not fair sometimes.
Life Is Tough Enough Department
If youâre planning to get married soon, or are already married and are filing a joint return, you may want to do some calculations. In some situations, the tax liability on a joint return is higher that if filing separately. This tends to be the case if both incomes are higher that average and are fairly equal. Allâs fair in love and taxes.
Credit card debt? If youâre trying to pay off your credit card balances (which, as we all know, is hard to do) and youâre a homeowner, you may want to consider paying off credit card balances with a home equity loan. Mortgage interest and equity interest are deductible (cool!), whereas personal interest is not. (Equity interest on a loan up to $100,000 ($50,000 MFS) is deductible).
Love Makes All Things Equal? Not for the IRS
You love your pet and your pet loves you but you cannot claim your cat or dog as a dependent, even if Kitty or Lassie has a social security number. Lifeâs just not fair sometimes.
Life Is Tough Enough Department
If youâre planning to get married soon, or are already married and are filing a joint return, you may want to do some calculations. In some situations, the tax liability on a joint return is higher that if filing separately. This tends to be the case if both incomes are higher that average and are fairly equal. Allâs fair in love and taxes.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.
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