FOR BREAKING NEWS VISIT www.queenscourier.com SEPTEMBER 3, 2015 • The Queens Courier 31 Free Electronics Recycling Events are coming to Queens this Fall Avoid a fine: it’s now illegal to discard electronics in the regular trash! All Events from 10AM–4PM Rain or Shine Sunday September 27 Forest Hills Queens Metropolitan High School parking lot, take 70th Rd to parking lot at left on Ursula Place Saturday October 10 Little Neck Episcopal Church, Douglaston Pkwy & Northern Blvd Sunday October 11 College Point East Elmhurst Library Open Mic The latest Open Mic at the East Elmhurst Library on August 24th was another resounding success. Hosted by its founder, local poet Charles “Smooth” Williams (pictured last row, first from left), the Open Mic featured over a dozen talented poets, writers, musicians, singers, comedians and orators, who were all enthusiastically received. The East Elmhurst Library’s Open Mic is held every month with the next one scheduled for September 28th. Performers are asked to come prepared with five minutes of material. All levels are welcome. You’re sure to have a good time! For more information, contact: Ms. Johnnie O. Dent, Community Library Manager, or Ms. Geraldine Benfante, President, Friends of the East Elmhurst Library, 95-06 Astoria Blvd., East Elmhurst, NY 11369, (718) 424-2619, www.queenslibrary.org/East- Elmhurst REFINANCING? UNDERSTAND THE TAX ISSUES BY SALVATORE P. CANDELA. EA. ATA. ABCAall Now & End Your Tax Nightmare! 134-01 20th Avenue enter parking lot at 20th Avenue WE ACCEPT: (T) 877-TAX-1040 (F) 718-894-4476 Working and non-working computers, monitors, printers, scanners, keyboards, mice, cables, TVs, VCRs, CD/DVD players, phones, audio/visual equipment, video games, cell phones and PDAs For a full list of our Fall 2015 events, contact, the Lower East Side Ecology Center at lesecologycenter.org or 212.477.4022 We would like to thank our sponsor: Are you thinking of refinancing your home mortgage? Keep the tax rules in mind. 1. Track “points.” A point is a fee equal to one percent of the loan amount. While you can fully deduct the points you pay when you buy your home, points paid on a refinancing are generally amortized over the term of the loan. If you refinance a loan for a second time, the balance of remaining points from the previous loan becomes immediately deductible. That’s also the case when you sell your home. What if you refinance for more than your existing mortgage balance and decide to use some (or all) of the extra cash to improve your main home? A portion of the points you pay “up front” is deductible. Points not immediately deductible can be amortized over the term of the loan. 2. Trace your use of funds. When you “cash out,” or convert $100,000 or less of your home equity to cash during a refinance, the interest is deductible. If you take additional amounts, the interest may or may not be deductible depending on how the funds are used. When you use those funds to expand your business, the interest may be deductible business interest. If you buy investments, the interest may be investment interest expense. 3. Look at the whole picture. Not all loan fees are deductible. However, you can generally claim a deduction for some of the property taxes paid through the refinancing. One more reminder: Double-check your tax withholding or estimates when you refinance. Why? Reducing the interest rate on your loan means the mortgage interest deduction on your federal income tax return also goes down. Adjusting your withholding or estimated payments can help avoid an unanticipated tax bill. Need more information on refinancing or mortgage interest tax deductions, or other tax, accounting, payroll or other business related matters, please call me at 718.894.1500 or email at info@thetaxadvocategroup.com. • Owe the IRS more than $10,000? • Being Audited? • Unfi led Tax Returns? • Wage & Bank Levies? Co-Author of the best selling book “Breaking the Tax Code” Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor scandela@thetaxadvocategroup.com www.thetaxadvocategroup.com ADVERTORIAL Photo: C. Stossel ADVERTORIAL
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