A Securities America-affiliated independent financial consultant, Leslie “Les” Goldstein possesses more than three decades of experience in wealth management. Licensed by Securities America Corporation, Leslie Goldstein serves as president and CEO of Personal Financial Strategies, where he keeps high net worth clients informed on important changes to federal tax regulations.
At the end of 2019, lawmakers agreed to extend several tax breaks that were slated to expire. Several previously eliminated deductions were also reinstated. In some cases, taxpayers may amend their returns to retroactively benefit from these breaks. As of the tax year 2020, homeowners will be able to claim private mortgage insurance premiums alongside interest on certain home equity loans.
Additionally, the medical expense deduction was extended to last throughout 2020. Filers who itemize their claims can deduct medical bills that exceed more than 10 percent of their adjusted gross income. Canceled debts on home loans under $2 million are also not taxable for the upcoming tax year. Finally, for the first time since 2017, taxpayers are able to deduct up to $4,000 of out of pocket costs for college tuition.
At the end of 2019, lawmakers agreed to extend several tax breaks that were slated to expire. Several previously eliminated deductions were also reinstated. In some cases, taxpayers may amend their returns to retroactively benefit from these breaks. As of the tax year 2020, homeowners will be able to claim private mortgage insurance premiums alongside interest on certain home equity loans.
Additionally, the medical expense deduction was extended to last throughout 2020. Filers who itemize their claims can deduct medical bills that exceed more than 10 percent of their adjusted gross income. Canceled debts on home loans under $2 million are also not taxable for the upcoming tax year. Finally, for the first time since 2017, taxpayers are able to deduct up to $4,000 of out of pocket costs for college tuition.
