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TEXAS TAX DEADLINE MOVED...

Due to the winter storms, the IRS has moved the filing deadline to June 15, 2021 for Texans. They have not decided if they will do this for the rest of the country yet.

This does not affect the Texas Franchise Tax which is due on May 17, 2021.

TAX TIPS THAT CAN HELP YOU ON YOUR TAX RETURN...

8. Casualty Losses
If something dramatic happened this year to damage your home or property, the IRS will let you account for the loss. You can only write off casualty losses if you itemize your taxes though: They’re not above-the-line deductions. Casualty is a pretty broad category, and the IRS says the loss must be caused by a “sudden, unexpected or unusual” event [source: IRS].

As a homeowner, that could range from damage caused by a natural disaster to vandalism. Keep in mind that you can only write off the fair market value of the property; the $1,200 flat-screen TV you bought in 2008 might only be worth $800 now, for instance. The IRS also requires you to subtract some rates from your actual loss ($100 per event, then 10 percent of your AGI) to arrive at your deduction.

Also, don’t think that you can receive tax deductions if insurance or a lawsuit covers your losses. You can only claim deductions on unrecoverable losses.

TIPS TO HELP SAVE YOU MONEY ON YOUR TAXES...

2. Home Office
The home office deduction tempts every homeowner who files taxes. It seems easy enough: Just claim the den as a home office, write off those Internet bills and the cost of that new office chair and relax knowing that your home is finally working for you. But of course, you won’t do that, because taking the home office deduction is a red flag for audits, you don’t apply and the deduction is absurdly hard to figure out. Time to go to the den and brood.

Not so fast. The IRS has actually made it much easier to claim a home office deduction, and there’s no reason to believe that taking it triggers an audit. You do have to make certain you fit the criteria, but many homeowners who run a small business or have a dedicated office space in their home should take advantage of it. The biggest rule is that you need to use your home office space exclusively and regularly for business. (That means you can’t claim the family room where everybody hangs out, and you can’t claim an empty room because you’ve taken a few business calls there.)

If you do meet the conditions of exclusive and regular use, the IRS offers a new, simplified method of deduction. Instead of trying to figure out the percentage of utilities and other expenses you use for business, you can simply multiply the square footage of your business space (up to 300 feet [91 meters]) by $5 to reach a dollar deduction amount.