It’s tax time once again. Whether you prepare your own tax return or have a professional do it for you, it hurts when you have to write a check to the government. How can you reduce, or possibly eliminate, owing that extra money every April 15th? Perhaps the easiest way is the mortgage interest tax deduction.
I’m sure you have heard the benefits of owning your own home… lower monthly payments, equity buildup, and pride of ownership. But did you know that owning your own home can also help ease your tax burden?
What are the benefits?
Mortgage interest that you pay when you own a home is normally deductible from your income taxes! This can result in substantial savings for you and your family. Depending on your income, the loan amount, and your tax bracket, your savings could be hundreds of dollars each year!
In addition, if you own a home, your local property taxes are normally deductible. See your accountant or tax professional for exact information on these deductions.
Now that you know that buying a home could actually save you money, how do you start?
How to Start
First, we’ll determine the right kind of financing package for you. This can save you time, and eliminate properties that don’t fit your purchasing parameters.
In addition, by going through this pre-qualifying step, you’ll be in a better negotiating posture when we do find the home you are looking for.
When you’re ready to purchase a home of your own, and take advantage of tax savings available to you, give me a call. How soon would you like to save on your taxes?
Enjoy Reading: KEYS TO PURCHASING A HOME
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I hope that you enjoyed this It’s Tax Time Again post!