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