Page 13 - Colquitt Shopper

Tuesday, September 19, 2023
TAX PLANNING TIPS
Written by Dennis W. Futch, E.A. 229-985-0176
YOUR HOME IS A BUNDLE OF TAX BENEFITS
There are many tax benefits built into home ownership. Here is a re- view of the most common.
• The home gain exclusion. When you sell an asset for a profit, it creates a taxable event. If the asset, though, is your primary residence, you can exclude up to $250,000 ($500,000 if married filing jointly) of thesegains.Specialrulesdoapply, but this is a major tax benefit of home ownership. How to take advantage: You must live in your house for at least 2 of the previous 5 years to qualify for the home gain exclusion. Start plan- ning now if you think you'll be selling your house in the near future so you can qualify for this tax break.
• Itemized deductions. Mortgage interest and property taxes are two deductions you can claim as a home- owner. The interest is deductible on the first $750,000 associated with loans secured by your primary and secondary residences ($1 million for mortgages underwritten prior to 2018), while up to $10,000 of prop- erty taxes may be deducted. You may also deduct points paid as an item- ized deduction over the life of your mortgage. How to take advantage: You need to itemize your deductions to take advantage of these tax breaks.
GRIEF SUPPORT GROUP
for miscarriage, stillbirth and infant loss meets the 2nd Thurs. of each month 5:30 - 6:30 pm at the Colquitt Re- gional Educational Services Building, 13 Hospital Park, Moultrie. For info. call 229- 890-3548.
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IN CRISIS? Text “HELLO” to 741741 Crisis Text Line Free, 24/7 & Confidential www.facebook.com/ TheYellowElephantMovement
Masonic Lodge 381 F&AM meets at 7:30 pm on the 1st & 3rd Mondays of every month at 617 5th Ave. SE. For more info email simplythebest@windstream.net
Large Selection
NEW
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WE HAVE ALL MAJOR BRANDS
Competitive Pricing with Quality you Can Trust!
GoodYear, General, Michelin, BF Goodrich, El Dorado
SERVICE
Ford 229-985-3796 Chrysler 229-985-5937
Service Department Hours: Monday - Friday 8:00 - 5:30 www.roberthutson.com
PARTS
Ford 229-985-3795 Chrysler 229-985-3298
Consider bunching your mortgage in- terest and property taxes with other itemized deductions such as chari- table contributions, taxes and excess medical expenses to try and exceed the standard deduction for your filing status.
• Free rental income. You can rent out your home for up to two weeks and not claim the income. While you cannot deduct expenses in this scenario, this is a great tax break if your home is located next to a pop- ular landmark or a major event. How to take advantage: Keep track of how many days you rent out your home so you don't go over the 14-day limit. If you rent your house for just 15 days over a given year instead of 14, you'll owetaxesonallrentalincomeforthat year, including the first 14 days.
• Home office deduction. If you use a portion of your house exclu- sively as a home office, you may be able to deduct certain expenses such as mortgage interest, insurance, util- ities, & repairs. How to take advan- tage: To qualify for the deduction, you generally must use this portion of your house exclusively for business purposes on a regular basis. So be sure to understand the limitations of this deduction.
Your house is a great place to con- trol the amount of tax you owe, but only if you know the rules and can apply these rules to your situation. Use this information as a starting point to see if there are ways to lever- age your home's tax benefits.
Call us at 229-985-0176. www.thetaxshop.net
ATTENTION: We desper- ately need volunteer drivers with CDL license to drive a Veteran bus to Lake City, Florida. Bus runs each Thursday except holidays. Drivers will rotate weeks. Call Tom Cox at 229-798- 3344.
East Side Baptist
24 - 6th St. NE Moultrie, GA 31768 229-985-3195
Sun. School - 9:45 am Worship - 11 am & 6 pm Wed. Bible Study - 6 pm
BARKLEY JONES Construction, Inc.
For Sale
Dirt, Top Soil, Sand Clay, Crushed Concrete
& Crushed Asphalt
229-319-2141
The Pastor & Members of
Emerald Hill Baptist Church
would like to invite you to at-
tend Sun. School, 10 am;
Worship service, 11 am. Tal-
(Camilla Hwy.)
Sun. School: 9:30 am Sun. Morning Worship: 10:45 am
Wed. Night Supper & Service: 6:15 pm (Nursery provided for all services) Everyone is Welcome!
Rigo’s
Lawn Service
Does yard work to your liking!
• Mowing • Edging •Trimming • Raking • Weed Flower Beds
• Pinestraw Beds
Call (229) 891-5363
PROVERBS 13:6
Righteousness keepeth him
that is upright in the way: but
wickedness overthroweth
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the sinner.
lokas Rd., Moultrie, GA.
———––———————— LAKESIDE ASSEMBLY OF GOD 146 Tara St., Moultrie, GA
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