Hi, this is Matt McKinnon with Innovative Financial Group. The question posed to me today is: How do you deduct the interest and taxes that you paid on your home? That's one of the major benefits of being a homeowner. Whatever you spend on mortgage interest on an annual basis gets to come off of your 1040s against your taxable income. The same goes for property taxes as they are generally tax deductible. Another benefit is that if you're making $30,000 a year and you receive a statement from your mortgage company stating that you paid about $12,000 in interest over the life of your loan in a 12-month period, that $12,000 will automatically be deducted from the $30,000 shown on your W-2. This means you will only be taxed on $18,000 of your income. This usually leads to larger refunds for clients. If you're renting, you don't get the benefit of any of that. If you're paying rent, you're not paying interest, taxes, or property taxes. Therefore, you would be taxed on the full $30,000. It just makes a lot of financial sense to own a home because of the tax deductions available. My name is Matt McKinnon and I'm with Innovative Financial Group.
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2220 interest rates 2023-2024 Form: What You Should Know
Form RI-2220 — RI Division of Taxation Sep 23, 2024 — You will be notified that an income tax assessment has been filed against you with the amount assessed not to exceed the rate shown in line 20 of Form RI-1120C. The assessment may be rescinded if you pay the tax before the statutory date. Filing a Tax Return The filing requirements and the deadlines in this publication are only guidance. Please refer to the form or regulations for specific information about the due date, the procedures for applying the payment schedules, the filing fee and more. The Rhode Island Department of Revenue website contains instructions on the process for filing your return with the FOR. You may also be eligible to save an electronic copy of your return for personal, business, and other use by contacting our return submission line at. The form instructions are also available in the following languages: Spanish French The department has determined the following payment deadlines for tax returns for the calendar year 2019. You may request an extension of any payment deadline by filing Form RI-2108. If you have questions regarding the due date, please contact our return preparation line at. Tax Preparation Fees The FOR provides two options for free tax preparation. If you receive free tax preparation services from the FOR, it is necessary to sign up for the FOR Taxpayer Assistance Program (TAP). Other options for free tax preparation include TaxA ct, a national nonprofit organization that offers free tax preparation, tax filing, and refund assistance. The FOR also sells TaxA ct Tax Preparer's Toolkit. TaxA ct offers numerous tools and training courses to help prepare your return and files your return online. They cannot, however, provide technical advice or assistance about tax matters. All residents of Rhode Island are responsible for making filing their income taxes a priority in relation to other responsibilities, including: Paying their mortgage, rent, and/or insurance; Providing child care for children under 18 years old; Keeping a savings account for retirement purposes; Paying for medical emergencies or paying in advance for life-saving medication. Taxpayers are responsible for filing their own income taxes.
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