Tag: tax advantages

What are the Tax Benefits for Married Couples?

Written by Paul Belfiore on November 29, 2024. Posted in Blog, Taxes.

Newlyweds in Amherst, NH Have Questions

There can be some significant tax savings for married couples. While this is by no means the reason you should tie the knot, it is nice to start enjoying some of the tax benefits that can go hand in hand with marriage. Depending on the income from both spouses, getting married can put the higher earning spouse into a lower tax bracket. When filing your taxes jointly, this can offer significant tax savings over single individuals with the same level of income. The standard deduction is also higher for married couples, versus filing as a single individual. Having this deduction shared jointly can make a difference in the amount of taxes you pay by lowering your total income.

Tax Benefits for Real Estate Investors

Written by Paul Belfiore on July 28, 2023. Posted in Blog, Taxes.

Hollis, NH Potential Investor Looks for Tax Advice

Real estate is a great way to diversify your investments, generating a steady flow of passive income.
There are also many tax benefits to real estate investing, including writing off maintenance expenses
done on the property, property taxes, insurance, mortgage interest, and even property management
fees. These deductions can significantly reduce the taxable income generated from rental properties.
You are also able to take advantage of depreciation. This can be deducted each year, taking into
consideration how much the property is worth, the time period, and a designated depreciation method
that will be used.

What Tax Advantages Does a Health Savings Account (HSA) Offer?

Written by Paul Belfiore on March 31, 2023. Posted in Blog, Taxes.

Litchfield, NH Resident Has Questions

The money contributed to a Health Savings Account (HSA) is 100% tax-deductible. This means that any
contributions will lower your taxable income. The interest earned on money in an HSA is 100% tax-
deferred. This means the money in the account can continue to grow without being taxed. Withdrawals
that are used toward qualified medical expenses are 100% tax-free. These expenses include
deductibles, copays, prescriptions, vision, and dental costs.

What are the Tax Benefits of Owning a Home?

Written by Paul Belfiore on March 3, 2023. Posted in Blog, Taxes.

Amherst, NH Homeowners Looks for Future Tax Advantages

There are many tax advantages for homeowners, particularly when itemizing your taxes. If you have a mortgage on your home the interest paid each year can be deducted from your taxable income. This is only available if you are itemizing your taxes, as opposed to taking the standard deduction. If you have a home equity loan, this interest can also be deducted when filing your taxes. For those self-employed individuals, the space in the home used for business purposes can be deducted including heat, utilities, and insurance, saving you money on your overall tax bill.

What are the Tax Advantages of Real Estate Investing?

Written by Paul Belfiore on October 15, 2021. Posted in Blog, Taxes.

Amherst, NH Resident Considers Real Estate

When investing in real estate properties, you can deduct the money paid in property taxes, property insurance and mortgage interest on your taxes. Money that goes to improve or repair a rental property can be deducted from your taxes as well. This will greatly reduce the taxable income that you make from your rental property, making this a more lucrative investment.