One of the many perks of home ownership is big tax breaks. So whether you do your taxes yourself or get help from a professional, it’s important to be aware of them. Below are two big ones you can take advantage of.
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!
For those of you that work from home, 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 for a certain amount of time each week. 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 taxes.
Author:Susan Florsch Phone: 817-733-7791 Dated: February 19th 2016 Views: 797 About Susan: Originally from upstate NY I relocated to the DFW area, and have lived between Fort Worth and Arling...