3 Deductions You need to take advantage as a first time homeowner

Many will say getting a house is not worth it. To me personally, it's always worth it and it's important that people become more financially savy or knowledgeable

One thing most people don't know it that all taxes you paid can be deducted, as well homeowners can use money they used already, to be deducted off their taxes.

1-Taxes are tax deductible. You might ask "how does that work ?"

Any taxes you already paid = means less income to tax. So deduct you local and state taxes, some property tax benefits might apply for low income homeowners.

2-Mortgage insurance is tax deductible 

Some buyers can't afford to put down required down payment and thus required to get insurance in case they default.. You can write off the payments. Consult with your accountant first

3-Mortgage interest is tax deductible 

when you just buy a home or refinance it. Most likely the first payment are mostly interest and thus that part is tax deductible.

Having a home a great responsibility, but don't let it become a money bit. these tips will help you increase your tax returns..

5 Common Mistakes Some Homeowners Make on Their Taxes

Homeowners have the burden of all the little things to do every other day around the house. Fixing, or cleaning, repainting, ect. Did you know though there are tax deductions eligible for the average home owner ? here are some tips on common mistakes made by homeowners on their taxes. 5 Common Mistakes Some Homeowners Make on Their Taxes

 5- Confusing Escrow for actual taxes paid 

You can figure out on your own how much you paid, but best tip is to contact your agent who is more familiar with it and find out through them the exact amount.

4- Not deducting mortgage interest. 

You are allowed to deduct mortgage interest. For example up to $100,000 home equity debt any home acquisition debt up to $1 million.

3- Home office deductions 

Having a home based business can be complicated and to some people it's not worth the headache. Yet many other people are using this to build their business from home to start, as well learning the functions and tax system. A heachache that can eventually generate lots of income for as you grow as a business, so does your profits. I encourage people to get into home based businesses.

2- Not tracking home-related expenses

One of the advantages of having a home based business is that you can write off now certain home expenses and portions of others. It's easy now simply take a photo of the bill for record and keep track of everything you spend on in your home. It just makes more sense to know how and where your money is going for tax purposes, and general as well.

1- Deducting the wrong year 

It a common mistake that some people do. Even if it doesn't make sense at times, you have to make sure you follow the steps as instructed thus by contacting the correct personal for the info. If you are doing it yourself, then make sure you have someone advising you on it, until you are more familiar with everything. Hope this has helped out. People need to be more financially wiser and knowledgeable in general. Not enough are taught this, and so many overlook it seeking education in medicine, law, ect. We don't have enough looking into financing.

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