Monthly Archives: April 2016
One mortgage point is equal to 1% of your loan paid upfront at closing in an effort to stick you’re a lower interest rate. While it isn’t applied to the principle of your loan, it may be beneficial down the road. Mortgage points paid are deductible in the following cases: The loan secures your primary […]
— Read moreWhile retirees may reap state income tax exemptions on public pension distributions and Social Security benefits in some states, the overall trend is that exclusions of state income tax on private pensions are less popular amongst the Great Fifty. Private pensions are fully taxed by the District of Columbia and the following twelve states: Arizona […]
— Read moreWhen it comes to state tax policies, federal legislation exists to protect governmental civil service pensions. Because of this, pensions deriving from state or local governments cannot receive better taxation than Federal civil service pensions. State tax departments are allowed to institute policies that favor their own state pensions over those from another state. The […]
— Read moreAlong with federal income tax, you are required to pay taxes on most income you earn as a resident of your home state. This income tax is assessed under specific regulations, and each state has different rules about what qualifies as taxable income. In twenty-seven of the fifty states and the District of Columbia, Social […]
— Read moreTaking out a home equity loan can give you a little extra cash for things you might need, such as improvements for your home or a little help with college tuition. At tax time, you may wonder if you are eligible for any tax breaks for the interest you paid on the loan. It really […]
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