Tag Archives: loan interest
Once you graduate, if you opted to finance your education, you’ll be responsible for paying back any student loans. While you won’t see a direct tax break in accordance with student loan repayment, you can deduct interest that you’ve paid, up to $2,500. Student loan interest is deducted through Form 1040, on line 33. Using […]
— Read moreLearning the math behind your tax return may seem overwhelming. However, understanding the three different levels of income can make things a little easier. The three amounts are: total gross income, adjusted gross income (AGI), taxable income. Adjusted Gross Income One important term to familiarize yourself with at tax time is adjusted gross income. This […]
— Read morePaying for college is rough, especially if you’ve resorted to student loans to cover the cost of your education. It’s not all bad though, as you can deduct up to $2,500 in student loan interest at tax time. The deduction is phased out once you gross a specific annual income, though it may not matter […]
— Read moreThere are two different options for taking deductions at tax time. You can use the standard deduction, which ranged from $6,300 to $12,600 for 2015 taxes, or you can itemize. The choice is up to you. You should check to make sure that itemizing your expenses doesn’t amount to more than the standard deduction if […]
— Read moreInterest is usually charged on money you borrowed. There are certain situations where interest can be claimed either as a deduction or a credit. In order to deduct interest, you have to make sure it qualifies and see how you should deduct it. Interest that you have prepaid need to be deducted throughout the tax […]
— Read moreAre you a student? Paying for your education can be taxing, especially if you’ve resorted to student loans. However, you may be eligible to deduct interest you paid on certain student loans. Typically, you are able to deduct either $2,500 or the actual amount of interest you paid, depending on which is less. The deduction […]
— Read moreWhen you complete Schedule A for your federal tax return, you are able to deduct any home mortgage interest in two categories: Loan interest for monies used to significantly improve a primary or secondary residence, which is backed by the property. The loan must not exceed $1,000,000. Loan interest that is secured by your home, […]
— Read more
