Right around the corner is that dreadful time of the year in which a lot of people do not look forward to. No, it isn’t daylight savings time where the clocks go forward and we all lose that precious hour of sleep, and know it isn’t the start of allergy season that I am referring to. Albeit those two are not pleasant. I’m referring to tax season. Yes, that time of the year where the government tends to dip their finger into our wallets and take money they decide they know what’s best to spend it on, rather than you the taxpayer. Why not keep a little more of your hard-earned dough? You worked for it, you should keep the most of it. One of the best ways to save besides paying your own mortgage rather than the mortgage of your landlords, is by itemizing during tax season. There is no other better way to itemize than by owning a home.
Buying a home is when you begin building equity in an investment instead of paying rent. And Uncle Sam is there to help ease the pain of high mortgage payments. The tax deductions now available to you as a homeowner will reduce your tax bill substantially.
Mortgage Interest: For most people, the biggest tax break from owning a home comes from deducting mortgage interest. You can deduct interest on up to $1 million of debt used to acquire or improve your home.
Real Estate Taxes: You can deduct the local property taxes you pay each year, too.
Penalty-free IRA payouts for first-time buyers:As a further incentive to homebuyers, the normal 10 percent penalty for pre-age 59½ withdrawals from traditional IRAs does not apply to first-time home buyers who break into their IRAs to come up with the down payment. This exception to the 10 percent penalty does not apply to withdrawals from 401(k) plans.
These are just a few ways of how owning a home may benefit you. For more information give me a call or email to discuss further details of how you can save money and have an investment for your future that can truly be life changing.
Author:Jason Winger Phone: 757-339-3787 Dated: February 15th 2018 Views: 126 About Jason: ...
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