One of the many perks of homeownership is big tax breaks. So whether you’re doing yourtaxesyourself or getting help from a professional, it’s important to take advantage of those breaks!
Mortgage InterestDeduction: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 mortgagepayments, and the earlier you are inyour 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 atax professionalto 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:Errin C. Brown Phone: 208-869-8030 Dated: February 27th 2016 Views: 163 About Errin C.: Errin C. Brown is an Associate at National Broker Connect. She is a Treasure Valley native and licen...
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