Denver Home Living Huettner Capital Winter 2017/18 | Page 3

D QUICK TIPS AND ADVICE FROM DHL EXPERTS DHL'S FAVORITE SMALL BUSINESSES W enver Home Living Favorites highlights small businesses in and around Denver who are truly great at what they do. We hope they are places you might enjoy visiting, and that they may even become some of your favorite places as well. e strive to bring our readers informative content including advice from local experts. These quick tips are designed to help you avoid common problems and mistakes and point you in the right direction where you may not even know you need it. Feel free to follow up with any of our experts if you have additional questions. POPPIES RESTAURANT WORTH A VISIT Just south of I-25 on Colorado Blvd is Poppies Restaurant, a down-home restaurant that draws kids, seniors and practically everyone in-between. On most nights, the place is bustling, with business people relaxing over Happy Hour appetizers and drinks, families poring over kids’ menus and even couples out for a casual date night. DEBBIE MASON, CPA, CMA 303-453-9547 MASON AND ASSOCIATES, LLC WWW.MASONCPA-CMA.COM FIVE TAX DEDUCTIONS FOR HOMEOWNERS Tax preparation is not for the fainthearted. If you plan to prepare your own tax returns next year, make sure that you do your research and familiarize yourself with every possible deduction to which you are entitled. Here are the most common deductions specific to owning a home: Poppies’ popularity rests on its extensive menu, high-quality food and efficient service – all at a family-friendly price tag. Kids can enjoy burgers and fries or chicken fingers while their parents feast on delicious prime rib, grilled salmon or chicken piccata. Favorites range from hearty fare like baby back ribs and chicken parm to a lighter selection of stir fries, salads or pastas. Take the plunge and finish off your meal with a sumptuous apple pie a la mode or an old-fashioned root beer float. 1) Real estate taxes – Homeowners may deduct local, state, and even foreign real-estate taxes. 2) Mortgage interest – Deducting mortgage interest can make itemizing a better option than taking the standard deduction, but it opens the door to additional deductions and questions. 3) Private mortgage insurance (PMI) – This premium, which some homeowners pay to protect the lender until the homeowner achieves 20 percent equity, is also a common deduction. The atmosphere is lively and the place has a neighborhood feel – you get the sense that you might just run into your fifth-grade teacher, fellow PTA mom, or work buddy from your old job. Poppies serves dinner until 10:00 p.m. making it an excellent choice for those late- night dinners. On Thursdays and Fridays, beginning at 7:00 p.m., you can catch some live piano bar music featuring local-area favorites. 4) Selling and renovation costs – These expenses may be applied toward the $250,000 IRS exclusion ($500,000 for married taxpayers) on the sale of your home, helping to reduce profits and relieve your overall tax burden. 5) Mortgage points – If you obtained a new loan while buying or refinancing, you can deduct some fees. Don’t overlook Poppies as a weekend breakfast choice either. Starting at 8:30 a.m., both Saturday and Sunday, Poppies offers an extensive breakfast menu, including traditional favorites like French toast, pancakes, omelets, and scrambled eggs with bacon. Of course, depending on your individual situation, tax preparation can be a lot trickier. You may qualify fo r additional yet more complex deductions if you bought or refinanced a home and paid certain fees. You may also be able to deduct losses from weather, theft, or fire damage, depending on your gross income. If you’re planning to come during peak dinner hours, or if you are coming with a large group, it’s best to make a reservation – especially on weekends. With a little bit for everyone, Poppies stays open until 1:00 a.m. nightly so you will be well rewarded whenever you arrive. www.poppiesrestaurantdenver.com • (303) 756-1268 2334 S. Colorado Blvd, Denver, CO 80222 3 According to government statistics, the overwhelming majority of Americans who filed taxes believe they benefitted by using a professional tax preparer. If you have questions about a particular deduction or just need a little help, contact Debbie for a free consultation.