| "body"> | | | | Tax Deduction - Tax Tip # 5 |
| Tax tips and tax deductions can save you | | | | Refinancing your home can incur several fees that |
| thousands in taxable income. | | | | you can deduct fromyour taxes. Ask your tax |
| The IRS is only interested in claiming that which | | | | advisor for a list of refinance deductible items. |
| they are entitled to, butit's up to you to | | | | Tax Deduction - Tax Tip # 6 |
| determine what's exempt from paying taxes on. | | | | Pro-rated mortgage interest is often overlooked |
| The IRShas the literature to explain what is | | | | on your taxes, checkyour closing settlement |
| deductible if you know what to ask foror where | | | | sheet. |
| to find it. Homeowners have the best advantage | | | | Tax Deduction - Tax Tip # 7 |
| of itemizing theirtaxes and again, it's up to you to | | | | Property taxes on a home you sold last year as |
| know how to avoid paying too much. Let'stake a | | | | well as the property taxeson your new home can |
| look at some often overlooked and legal | | | | be combined to give you a greater deduction |
| deductions for your taxes. | | | | onyour taxes. |
| Mortgage Interest is obviously a key place to look | | | | Tax Deduction - Tax Tip # 8 |
| for tax deductions but didyou know these: | | | | Pre-paid property taxes or pre-paid mortgage |
| Tax Deduction - Tax Tip # 1 | | | | interest is often overlooked. |
| Mortgage fees known as 'points', discount points | | | | Tax Deduction - Tax Tip # 9 |
| you may have paid toacquire a better interest | | | | Casualty Loss if not compensated from an |
| rate on your mortgage. These 'points' are | | | | insurance claim can also be ahuge tax deduction. |
| deductibleon your taxes. A point is equal to 1 | | | | This is property loss due to fire or weather |
| percent of the amount financed. | | | | relateddamages. |
| Tax Deduction - Tax Tip # 2 | | | | Tax Deduction - Tax Tip # 10 |
| Refinancing your mortgage usually contains fees | | | | If your home is on leased land, you may be able |
| that you incurred tore-establish your mortgage. | | | | to deduct rent paymentsfor the land. There are |
| There are many fees deductible on yourtaxes | | | | specific guidelines here, so seek these |
| hiding in this process. | | | | requirementsfrom a knowledgeable tax advisor. |
| Tax Deduction - Tax Tip # 3 | | | | It's important that you retain as much of your |
| Changing jobs or residence because of a job, that | | | | hard earned money as legally possibleand it's your |
| caused a move ofmore than 50 miles may allow | | | | choice to find out what you can legally deduct and |
| you to deduct certain moving expensesfrom your | | | | claim on your taxes. |
| taxes. | | | | For more detailed assistance on what you can do |
| Tax Deduction - Tax Tip # 4 | | | | to reduce your tax debt, don'thesitate to ask for |
| If you paid a home mortgage pre-payment | | | | assistance. It could save you thousands of dollars |
| penalty, it may be deductiblefrom your taxes. | | | | in a single year. |