The federal tax law signed by President Donald Trump Dec. 22, 2017, goes into effect for the 2018 tax year and generally doesn’t affect tax filings for the 2017 tax year. Here’s a detailed summary of the changes.
Owning a home can pay off at tax time. Did you recently buy a home in Brookings or the surrounding area. Does South Dakota tax law allow for some deductions? It's best to check with your tax advisor first, but here are some tips that could help. *Need a recommendation for a tax advisor, check out VRS P.C. in Brookings*
If you're eligible, take advantage of these home ownership-related tax deductions and strategies to lower your tax bill:
Mortgage Interest Deduction
To claim the mortgage interest deduction, you must itemize