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Mortgage and Home Equity Indebtedness Interest Deduction Limited

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Under pre-Act law, the taxpayer could deduct as an itemized deduction qualified residence interest, which included interest paid on a mortgage secured by a principal residence or a second residence. The underlying mortgage loans could represent acquisition indebtedness of up to $1 million ($500,000 in the case of a married individual filing a separate return), plus home equity indebtedness of up to $100,000.

New law. For tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, the deduction for interest on home equity indebtedness is suspended, and the deduction for mortgage interest is limited to underlying indebtedness of up to $750,000 ($375,000 for married taxpayers filing separately). (Code Sec. 163(h)(3)(F), as amended by Act Sec. 11043(a)) For tax years after Dec. 31, 2025, the prior $1 million/$500,000 limitations are restored, and a taxpayer may treat up to these amounts as acquisition indebtedness regardless of when the indebtedness was incurred. The suspension for home equity indebtedness also ends for tax years beginning after Dec. 31, 2025.

Treatment of indebtedness incurred on or before Dec. 15, 2017. The new lower limit doesn’t apply to any acquisition indebtedness incurred before Dec. 15, 2017.

“Binding contract” exception. A taxpayer who has entered into a binding […]

By |January 11th, 2018|deduction, deductions, New Tax Laws|0 Comments

Tax Relief for Victims of California Wildfires

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As the local fires near containment and our community looks to band together in the rebuilding process, we wanted to send out a brief update the IRS released today providing an overview of the tax relief and extensions they are offering. We will continue to put out pertinent information as it becomes available. Over the next 24 hours, we will also provide a detailed guide related to tax relief for victims of the fires. If you have any questions, please feel free to call or email your Linkenheimer CPA.

The IRS has provided tax relief for the victims of wildfires affecting parts of California. Currently, the IRS is providing relief to seven California counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma, and Yuba. The tax relief postpones various tax filing and payment deadlines that occur starting on 10/8/17. Affected individuals and businesses now have until 1/31/18 to file returns and pay any taxes that are originally due during the relief period. This includes quarterly estimated tax payments, extended 2016 income tax returns, and quarterly payroll and excise tax returns. The IRS noted that tax payments related to 2016 individual tax returns were originally due […]

By |October 18th, 2017|Community, disaster, irs, relief|0 Comments

Fire Recovery Business Resources and Comprehensive List of Links for Those Needing Help

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With the fires still burning and information scattered in various spots, we wanted to try and provide our clients, friends and family a comprehensive list of resources that can be shared and referenced easily. Our thoughts and prayers are with all of you affected by this horrible disaster. We will continue to post new info as we get it and if you have any questions, feel free to contact us. Stay Safe.

Staying up to date or needing help:

For life-threatening emergencies, dial 911.

The County of Sonoma has county-wide information including shelters, evacuation areas and clinics.

The City of Santa Rosa has information specific to the Santa Rosa area including shelters and evacuation areas.

Please refer to local media such as KSRO.com (1350-AM or 103.5-FM), KZST.com (101.1-FM) or PressDemocrat.com.

Nixle keeps you up-to-date with relevant information from your local public safety departments. Sonoma County Sheriffs Office updates. Santa Rosa Police Department updates. To receive text updates and alerts, text your ZIP code […]

By |October 13th, 2017|Community, disaster, relief|0 Comments

Tax And Disaster Info For Those Affected By The Fires

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Linkenheimer has been an active part of our Sonoma County community for over 85 years. And like most of you, we have all been profoundly affected by these horrific fires that have swept through our community and continue to affect those that live here. We have lost houses and entire neighborhoods, friends and families have been displaced and like many of you, we are still reeling from the ongoing damage the fires have created. We want to express our utmost condolences to all of our friends, families and clients who have lost something in this disaster. And we want you to know, we will be working side by side with you all during this difficult time to rebuild our community. With power, utilities and cell phone coverage being scarce, we want to try and provide as much information as we can in one post, so that it can be shared effectively with those desperately in need of information and reassurance.

As some of you know, the October 15th tax deadline is near. We have spoken with the IRS regarding extension relief for our clients. Due to our office being located […]

By |October 11th, 2017|Community, disaster, irs, relief|0 Comments

Linkenheimer Wins Best Place to Work for 6th Straight Year

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Linkenheimer LLP CPAs & Advisors is honored to once again be named one of the Best Places to Work in the North Bay for 6 years in a row. We realize that our people are the key to our companies success so we strive to create the best environment for them. Our focus on internal culture results in the best possible team approach to developing positive financial solutions. Linkenheimer also supports our team’s dedication to our local community through rotary memberships, non-profit boards and community service, in which over 900 hours a year are committed to bettering the community we call home. In addition, our firm actively supports free mobile eye care clinics and the construction and staffing of a surgery center in the remote San Juan River region of Nicaragua. Your support of Linkenheimer helps provide eye care and advanced diagnostic and surgical capacity in a region where these services do not exist for the 26,000 inhabitants. We’re a local business making a global impact with the help of our clients.

About Us

Mission:

Linkenheimer’s mission is to be a partner in our client’s success. We focus on our […]

By |September 12th, 2016|best place to work|0 Comments