One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional, it’s important to take advantage of those breaks!
Mortgage Interest Deduction:Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away!
Home Office:There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a very large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a little extra work, but can make a big difference in your tax responsibility.
Author:Michael Simpkins Phone: 813-541-3307 Dated: March 2nd 2016 Views: 461 About Michael: ...
View our latest blog posts in your RSS reader. Click here to access.
DREAMING OF BUYING A HOME? WHAT YOU NEED TO KNOW BEFORE YOU
"Michael is a true professional! He is fast, to the point, and seems to be ready at any time to work for you. He will not mislead you in any way and is always looking out for the your best interests. We have dealt with quite a few realotrs over the years and Michael is one of the best we have found!"