Tuesday 27th of June 2017 8:44:16 PM

  • Mobile Home Tax Deduction

    Wednesday 02nd of July 2014 1:02:52 PM

    People who choose the cost-efficient mobile home lifestyle can save even more money with specialized tax breaks.

    Owners of mobile homes who pay taxes to local government for parking in their cities or states are eligible for a tax deduction. Under IRS rules, a “home” can be a house, condominium, co-op, trailer, mobile home or even a houseboat. In order to qualify as a home, the property should have cooking, sleeping and toilet facilities. Since mobile homes meet all of these conditions, owners may take advantage of the tax deductions notified by the federal government.

    Mortgage interest is the largest tax deduction available to mobile home owners. Joint tax holders can deduct the entire interest amount up to a maximum of $1 million in mortgage liability paid on a first and possibly second house. There is also a EITC (Earned Income Tax Credit).

    What does Earned Income Tax Credit Mean?

    Earned Income Tax Credit (EITC) is a tax credit intended to help tax payers keep more of what they have earned. EITC is intended for those individuals or families who earn a low or mediocre income.  EITC is a refundable federal income tax credit.

    In 1975 congress approved this tax credit legislation to counteract the burden of compulsory payroll taxes as well as to motivate the public to work.  EITC must transcend taxes owed to result in a tax refund for those who are qualified and may claim the Earned Income Tax Credit.

    Regardless of whether or not you are required to file or if you do not owe taxes, in order to qualify for Earned Income Tax Credit you must file your tax return.  The amount of Earned Income Tax Credit any individual receives is solely reliant on how many qualified dependents you claim as well as your earned income.  In some cases the Earned Income Tax Credit can produce a larger tax refund than those paid from your withholdings.

    Additionally, to qualify for Earned Income Tax Credit you must make certain that your income and AGI (adjusted gross income) are within particular scales.  The simplest way to find out if you meet the requirements for Earned Income Tax Credit is to use the application called EITC Assistant found on the IRS website.

    Please take note that the requirements may change from year to year.  Be sure to refer the proper year’s regulations when attempting to figure out if you are qualified for Earned Income Tax Credit.

    Our tax experts have many years of experience dealing with the IRS. We have helped plenty of clients with their tax problems. We can provide you with professional, aggressive representation in dealing with the IRS to help you solve your tax problems! Call toll free 866.499.1156 Mon-Fri 6am-6pm to speak to one of our professional tax experts and get a FREE evaluation so we can better serve your tax relief needs.

Leave a comment