Taxes

27 Nov 2024

Why Tax Prep is Crucial for Mortgage Applicants

Taxes

When you are preparing to buy a home, tax season should be on your radar as it plays a significant role in your mortgage application process. Whether you're a first-time homebuyer or a seasoned investor, how you file your taxes can have a direct impact on the mortgage you qualify for. Understanding this connection can help streamline the process and potentially save you money on your loan. How Tax Returns Impact Your Mortgage Application The income reported on your tax returns is one of the most important factors in determining how much you can borrow for a home. For traditional…

28 Mar 2024

By Tawnya King

How to Evaluate Property Taxes and What You Need to Know Before You Buy

Taxes

Retirement is a significant milestone in one's life, symbolizing the culmination of years of hard work and dedication. As individuals approach this stage, meticulous planning becomes imperative to ensure a comfortable and financially secure future. Among the plethora of retirement planning options, real estate emerges as a challenging player, offering unique advantages that can enhance the overall strategy. Let’s discuss the pivotal role that real estate plays in retirement planning and why it deserves a prominent place in your financial portfolio. Building Equity for the Future: One of the fundamental advantages of investing in real estate is the potential for…

13 Nov 2023

By Tawnya King

Which Big Tax Breaks Are Available From Home Credits

Taxes

There are several big tax breaks available from home credits that can help homeowners save money on their taxes. Here are some notable examples: Mortgage Interest Deduction: This is one of the largest tax breaks for homeowners. You can deduct the interest paid on your mortgage loan, up to a certain limit, as an itemized deduction on your federal income tax return. The Tax Cuts and Jobs Act of 2017 reduced the mortgage interest deduction limit for new mortgages, but it still remains a significant tax break for many homeowners. Property Tax Deduction: Homeowners can deduct the amount they pay…

25 Mar 2022

By Tawnya King

Tax Deductions Homeowners Can Claim During Tax Season

Taxes

Even though owning a home comes with some significant expenses, some of them are tax-deductible. With many people looking for ways to lower their income tax, there are a few expenses tied to the house that every homeowner should consider. This could make a significant difference in their final tax bills, and it could lead to a large tax refund. Home Repair Costs There are a lot of people who need to make repairs to their houses during the course of the year. In particular, if you have recently purchased a house, you may need to do a bunch of…