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MWE Advisor September Highlights

MWE Advisor Masthead - MWE Advisor September Highlights

September highlights from The MWE Advisor: Tax implications of refinancing your home; Reviewing bonus depreciation options for your business.

Tax Implications of Refinancing Your Home

Refinancing your home mortgage can affect your taxes if you itemize deductions. To complicate matters, the Tax Cuts and Jobs Act temporarily altered the rules that apply to deducting home mortgage interest and points — and it reduced the number of taxpayers who will itemize deductions through 2025. Here are the details, along with an important distinction between home acquisition debt and home equity debt under current law. Read More

Bonus Depreciation for Your Business: Let’s Review Your Options

Deductions for first-year bonus depreciation were liberalized by the Tax Cuts and Jobs Act. Recent IRS guidance adds flexibility by allowing taxpayers to elect alternative treatments and make late bonus depreciation elections or revoke prior-year bonus depreciation elections. However, a proposed technical correction that would allow bonus depreciation for qualified improvement property appears unlikely. Read More

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