Vickie L. Jones, CPA

06/16/2026

Homeowners should review any tax benefits for homeownership
The year is nearly half over which makes it a good time to remind homeowners and future homeowners to review their eligibility for any tax deductions, programs and housing allowances. If eligible, these tax benefits could help with some of the common costs of being a homeowner.

Deductible house-related expenses
Taxpayers must itemize their deductions to deduct homeownership expenses. Most home buyers take out a mortgage to buy their home, and their mortgage lender may bundle other home-related costs.
The costs the homeowner can deduct are:
• State and local real estate taxes, subject to a $40,000 limit or $20,000 if married filing separately
• Home mortgage interest, within the allowed limits
Homeowners can't deduct any of the following items:
• Insurance including fire and comprehensive coverage and title insurance
• The amount applied to reduce the principal of the mortgage
• Wages paid to domestic help
• Depreciation
• The cost of utilities, such as gas, electricity or water
• Most settlement or closing costs
• Forfeited deposits, down payments or earnest money
• Internet or Wi-Fi system or service
• Homeowners’ association fees, condominium association fees or common charges
• Home repairs

Mortgage Interest Credit
The Mortgage Interest Credit helps people with lower income afford homeownership. Those who qualify can claim the credit each year for part of the home mortgage interest paid. A homeowner may be eligible for the credit if they were issued a qualified Mortgage Credit Certificate from their state or local government.

Ministers and military housing allowance
Ministers and members of the uniformed services who receive a nontaxable housing allowance can still deduct their real estate taxes and home mortgage interest. They don't have to reduce their deductions based on the allowance.

06/14/2026

Celebrating Flag Day: Unity, Freedom, and Pride

Today, June 14th, we join our nation in celebrating Flag Day. This day honors the adoption of the Stars and Stripes as our official national symbol in 1777.

To us, Old Glory represents the shared values that build strong communities: unity, hard work, and resilience. We are deeply grateful for the freedom it symbolizes, which allows businesses, families, and individuals across our country to thrive.

As we reflect on our shared heritage today, we want to express our sincere gratitude for those who have served our country. We are also thankful for your continued trust and partnership.

We wish you and your family a proud and happy Flag Day!

06/12/2026

06/07/2026

IRS Adds New Trump Account Features to IRS Individual Accounts (IR 2026-68)
May. 29, 2026 - Federal Tax

The IRS has introduced new online features that allow taxpayers to view and submit Trump Account elections through their IRS Individual Account. The new tools are meant to make the process easier, faster and more convenient for families using these tax-advantaged accounts. Through the online account, taxpayers can now check the status of Form 4547, Trump Account Election(s), see the next required steps and submit the form electronically. In addition, IRS Chief Executive Officer Frank J. Bisignano said the updates are part of the agency’s effort to improve digital services while helping families save money for college, retirement and future financial needs. The IRS also encouraged taxpayers to visit IRS.gov for more information about benefits available under the law.

The IRS also said the new online system gives taxpayers more transparency and helps reduce delays that often happen with paper forms. Under the One, Big, Beautiful Bill, enacted on July 4, 2025, parents, guardians and other authorized individuals may open Trump Accounts for children younger than age 18 who have valid Social Security numbers. Eligible children born between January 1, 2025, and December 31, 2028, may also receive a one-time $1,000 contribution from the Treasury Department. Moreover, the IRS said it will continue providing updates and additional information about tax benefits available under the law. Taxpayers may also visit TrumpAccounts.gov for additional details about Trump Accounts.
IR 2026-68


.gov

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05/30/2026

Here is a video tax tip from the IRS:

Here's What to Do if You Owe Taxes, but Can't Pay Here’s What To Do if You Owe Taxes, but Can’t Pay https://www.youtube.com/watch?v=f7f4Hye-9g0

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.