Mortgage Interest Deduction FAQs
One of the best things to do to lower your tax liability is to use mortgage interest as a deduction on your taxes. So if you own a home, make sure this is something you are taking advantage of. This will be short and sweet because i know how valuable your time is.
Questions your ask yourself...
Remember all them taxes you paid through out the year? You remember paying your mortgage as well? Then tax season came around and you felt like, darn i'm paying all this money on taxes and have to pay more? Or, your refund was not what you expected?
Answers to your questions
We all want to pay less taxes. Putting down the interest you pay on your current mortgage, or if you own a second home, either way, it's a good way to pay less taxes.
Try to remember that when you spend money, some of the things you spend it on can help you deduct it from your tax liability.
This is something your tax professional should think of for you. This way, you don't have to worry about these type of issues. But if you do your own taxes, then you have to do your homework on how you can reduce the amount of taxes you have to pay. Or at least research on how to get a higher refund. Remember, this is a tax deduction, not a tax credit. Those are 2 different things.
Best of luck this coming tax season which is almost approaching. Remember to like or comment your questions. Please share this as well.
Til' next time....J. Solano