In Tom's book it states we can write off TSP of Real Estate Taxes...I was looking over last years' refund papers and my real estate taxes were used on Schedule L (is this for itemizing? I'm so lost). Does this mean I can't used my real estate taxes to write off in my business? And if that is the case, can I request my accountant NOT to itemize (if that is what schedule L is???) so I can use the real estate taxes in my business.
Last year it was showing the standard deduction for married filing jointly was $11,400 and when he used schedule L it put that number at $12,400. If I used my TSP to claim my real estate for this year I could deduct appx. $1250 off my business expenses. We are VERY close to the cut off for getting earned income credit so I want to get my business profit as low as I can (legally of coarse). I don't really understand schedule L (I thought itemizing was schedule A?)...so if I'm way off base, please help me understand, thanks!
Also..next question is last year (I mean 2009) I was unaware that I could claim my TSP on my Mortgage interest...I was registered in Sept. but I was caring for a child since March of last year (2009). My mortgage interest was a bit over $6,000 last year which is a lot that I lost out on claiming. Is there a way to claim that amount this year (plus my mortgage interest for 2010), or am I too late?
Last year it was showing the standard deduction for married filing jointly was $11,400 and when he used schedule L it put that number at $12,400. If I used my TSP to claim my real estate for this year I could deduct appx. $1250 off my business expenses. We are VERY close to the cut off for getting earned income credit so I want to get my business profit as low as I can (legally of coarse). I don't really understand schedule L (I thought itemizing was schedule A?)...so if I'm way off base, please help me understand, thanks!
Also..next question is last year (I mean 2009) I was unaware that I could claim my TSP on my Mortgage interest...I was registered in Sept. but I was caring for a child since March of last year (2009). My mortgage interest was a bit over $6,000 last year which is a lot that I lost out on claiming. Is there a way to claim that amount this year (plus my mortgage interest for 2010), or am I too late?
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