Today is Tax Day. Obviously. And there are, of course, some things that you should know about Tax Day:
- You have until midnight to get your taxes sent off. Most post offices are open until at least then so that they can properly stamp your mail with today's date.
- If you can't get your tax return sent off, you can file for an extension at www.irs.gov.
- Your home mortgage offers some tax benefits. Have someone go over your taxes to make sure you getting them, as well as other tax deductions and credits.
- If you don't file a tax return, you won't get your "economic stimulus" tax rebate. Even if you wouldn't normally file a tax return, you should this year.
image credit: sxc.hu
Mortgage Related Deductions:
1. Interest paid. When you make mortgage payments, a large portion of that each month goes to interest, especially at the beginning of the home loan. You can deduct a portion of that mortgage interest on your tax form.
2. Mortgage points. Sometimes, you can pay points to get a reduction in the interest rate that you pay. In addition to mortgage interest being tax deductible, you can get some tax advantage for points.
3. Home improvement. When you take out a home equity loan, for home improvement or otherwise, you are getting a second mortgage. This can mean that the loans you take out to improve your home, as long as they are based on the equity in your home, may be tax deductible.
4. Mortgage tax credit. In addition to home mortgage tax deductions, there is a mortgage tax credit that you can use in some cases.
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Posted by: Foreclosure Slam | April 16, 2008 6:30 PM | Permalink to Comment