Ask a CPA

No. Costs associated with loss prevention, such as for burglar and/or smoke alarms, are not deductible.

Probably not. Casualty losses must be from sudden, unexpected or unusual events. Termite damage is considered gradual and progressive, and therefore not deductible.

The amount of your unreimbursed loss may be deductible. The deductible calculation is reported on IRS Form 4684. The deduction would be the amount of the loss, minus any insurance reimbursements minus $100 minus 10% of your Adjusted Gross Income Limitation. If the accident was caused by your driving drunk, then the deduction is disallowed.

If your anticipated tax liability, minus any federal withholding is $1,000 or more, you must make quarterly estimated payments.
There are exceptions to this $1,000 requirement that your local CPA can explain to you.
Basically you can avoid a tax penalty if you meet any of these provisions: if your withholding payments are at least equal to either 90% of your current tax liability or 100% of your prior years liability;
if your AGI is $150,000 or less (75,000 if MFS); or if your AGI is more than $150,000, the payment must be at least 110% of your prior year liability.
Failure to pay required estimate tax installments in a timely manner will subject you to a penalty based on the prevailing IRS interest rate. Estimate tax payments are made on IRS Form 1040-ES.

In a calender year, non-farmer taxpayers must make four installment due on April 15, June 15, September 15 and the following January 15. If the 15th falls on a weekend or holiday, it is due on the next work day. For fiscal year entities, the first installment is due on or before the 15th day of the fourth month of the fiscal year. The 2nd and 3rd installments are due on or before the 15th day of the sixth and ninth month of the fiscal year. The final installment is due by the 15th day of the first month of your next fiscal year. Farmers and Fishermen only make one installment payment by January 15 of the following year.

In the case of an individual, if the tax liability after certain credits and after subtracting federal withholding is more than $1,000, then a penalty for the underpayment of taxes is applicable. Penalties are figured separately for each of the four payment periods. Form 2210 is used to calculate the underpayment penalty. There are exceptions and waivers available that can be used to minimize or alleviate the penalty. Speak to your local CPA about the exceptions and waivers to minimize your penalty due. There are similar estimate payment requirements and penalty ramifications for corporations.

Go to your payroll bookkeeper and fill out a new W-4 form. Anytime there are significant changes to your tax situation, Form W-4 should be revised.

Generally yes. If you refinance the same amount of your old mortgage existing balance with a new mortgage, then the mortgage interest is fully deductible.
If you refinance your home mortgage for more than the existing balance, then the deductibility depends on the amount financed and the use of the funds.
If the excess funds are used to build, buy or substantially improve your first or second home, then it is considered a Home Acquisition debt.
If the excess is used for other purposes, such as paying off credit card debt, for a car loan or paying for your child's education, then it is considered Home Equity debt.
There is a $100,000 (50,000 for MFS)maximum Home Equity debt interest allowed limitation and a 1 million (500,000 MFS) maximum Home Acquisition debt interest allowed limitation. The deduction will be claimed as a Schedule A mortgage interest itemized deduction.
The total itemized deductions claimed may also be limited based on your Adjusted Gross Income. Points paid on a refinance are amortized over the life of the new mortgage. Speak to your local CPA about the deductibility of the refinanced mortgage interest.

No. You should receive a Form 1098 slip from your bank that itemizes your deductible mortgage interest and deductible points on your tax return.
Service fees such as commissions, appraisal fees, notary fees, abstract fees, recording fees are not considered points and not deductible in the current year.
These costs are added to the purchase price of the house to increase your basis. The acquisition costs, non-deductible closing costs, plus improvements over the years will be the cost basis used to determine any gain on the eventual sale of the residence.

The amount may be either fully, partially, or non-deductible.
The margin account investment interest expense is limited to the amount of net investment income, plus any elected amount of net capital gains from the sale of investment property such as stocks or mutual funds.
Generally, investment income is gross income from property held for investment, such as interest, ordinary dividends, royalties, or annuities. Limited investment interest in excess of investment income not deducted in the current year may be carried over to future years.
It is not lost. The deductible amount is figured on IRS Form 4952. Speak to your local CPA for the deductibility and possible elected amount of the net capital gain from investment property.