Tax Breaks and Tax Related Issues concerning Tax
Advice, changing your W-4, moving expenses, and
ROTH IRA withdrawals

There are several miscellaneous tax related issues you should be
aware of concerning your property.  These include:

Home Tax Advice



You can deduct the cost of your accountants or attorney's fees for
tax advice and the cost of tax return preparation related to
preparing Schedule C, Profit or Loss from Business, or
Schedule F, Profit or Loss from Farming.   You can even
deduct the cost of books.

Note that the total cost of tax advice or tax return preparation can
be deducted only to the extent they exceed 2% of the adjusted
gross income shown on your tax return.  If your miscellaneous
itemized deductions, not including tax advice, exceed at least
2% of your adjusted gross income, the cost of your tax advice or
tax return preparation fees are fully deductible.  If your
miscellaneous itemized deductions do not exceed 2% of your
adjusted gross income, then the cost of tax advice is deductible
only to the extent that cost, when added to the other miscellaneous
itemized deductions, exceeds 2% of your adjusted gross income.

Example:  Mike has adjusted gross income of $100,000.  2% of
his AGI is $2,000.  Let's assume that Mike has miscellaneous
itemized deductions of $2,500, other than his fee for tax advice.  If
Mike pays $700 to his attorney for tax advice relating to the sale of
his home, he can deduct the entire $700 amount because his
miscellaneous itemized deductions exceed 2% of his AGI.

Now lets change things in the example.  Say Mike's miscellaneous
itemized deductions are $1,700 instead of $2,500.  If this were the
case, Mike would be able to deduct only $400 of the cost of his tax
advice.  This is because $300 of his $700 tax advice cost is
needed to be added to his miscellaneous itemized deduction
amount of $1,700 to reach the $2,000 floor.  The amount of tax
advice cost remaining is $400 ($700 - $300).

Note that this tax deduction is only available if you
itemize your deductions.

Changes to Your W-4
You may want to adjust your withholding allowances on your
wages in order to have less withholding to even out your tax
burden.  Since you receive tax breaks in the form of home
mortgage interest and real estate tax deductions when you own a
home, you should probably adjust your withholding allowance. 
There is simply no reason to have a large refund at the end of the
year.  When you get a large refund you have essentially let the
government hold your money interest free. 

Before you make changes to your W-4, you should determine if it's
feasible for you to do so.  There are several online calculators you
can use.  We've included one for you to use:

Click here to determine the feasibility of adjusting your
withholding allowances

Note, you should use the link above to determine if you should
adjust your withholding allowances.  If you select the wrong
withholding allowance, you may underpay your tax burden
throughout the year resulting in a tax bill to the IRS at the end of the
year.

Moving Expenses
You may be able to deduct moving expenses whether you are
self-employed or an employee.  Your expenses must be related to
starting work at your new job location. 

Learn about moving expenses here


Vehicle Registration Fees
The yearly cost of your vehicle registration may be tax deductible.

The state registration fees that you pay for your vehicle may be tax
deductible.  If your car is used only for personal purposes, you can
deduct automobile registration fees based on the value of the car as
a state personal property tax if certain conditions are met.

Requirements:

The following is a listing of states with Ad Valorem taxes:

Roth IRA Withdrawal
You are allowed to withdrawal up to $10,000 from your Roth IRA
without penalty for "first-time" home-buyer expenses.  To qualify
you must meet the following requirements:
 

The $10,000 amount is a lifetime cap per IRA owner, not an
annual limitation.  Expenses qualify if they are used within 120
days of the distribution to pay the acquisition costs of a primary
residence for you.


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