The Franchise Tax Board will soon be getting a new computer system and starting with the 2012 tax year, property owners will be required to break down payments into deductible and non-deductible portions when they file.
This change could result in a significant reduction in deductions. Up until this point, property owners claimed the total amount of their property tax bill or as provided on the 1098 form by their mortgage company.
With the tax filing season majorly over, this is a perfect opportunity to interface with your CPA to discuss how this will affect your future filings; and the need for any changes to amounts withheld for the year.
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