Our excellent staff is well versed in all of the latest rulings and practices associated with IRS encounters. We likewise offer technical service in all other personal and business financial issues. Generally, three years is sufficient for record retention. However, there are occasions when six years or even longer is recommended. These documents are also essential for loan requests, and are always useful in real property transfers.
Homeowners already know that mortgage interest is deductible.
However, with the passage of the new home equity legislation in Texas, many previously disallowed interest payments may now fall, or could be converted to deductible expense if proper guidelines are followed. We encourage you to consult with us in this matter if you have any doubt at all about what is, and what isn't an allowable deduction. Normal commuting expenses are not deductible but there are many legitimate car expenses. For example, expenses associated with temporary duty away from your normal workstation are deductible, as are commuting miles between two separate jobs. The rules in these cases are very specific and must be closely adhered too.