May 4 2016 20690 1

May 4 2016 20690 1

Don’t forget about homeowner tax breaks


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.


Tonya Monroe Headshot
Author:
Phone: 928-201-7475
Dated: May 4th 2016
Views: 729
About Tonya: 30 years ago Tonya moved to a sleepy little town and called it home. She has had the opportunity t...

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