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Have Lewiston-Auburn Area Homeowners Closed the Book on Tax Matters For the Year? Maybe Not.

This is usually the time of year when Lewiston-Auburn area homeowners have gotten through tax season, heaved a sign of relief, and gone back to working on more important matters – like earning more money to make reducing taxes a goal worth pursuing. This year may be different in this last week of April. Why? Because this is an election year.  Tax matters are already being widely debated, and changes that could affect everyone are more possible than usual. I’m bringing these topics up for discussion with the caveat that your personal financial and tax planning (including Lewiston-Auburn home buying decisions) should always be made after consultation with your trusted professionals. Currently, federal and State of Maine tax rules carry significant benefits that can greatly reduce a homeowner’s tax liability. They are unlikely to be eliminated, but you may want to keep your ear tuned whenever you hear these topics under discussion, because seemingly minor changes can have major impacts.
Mortgage Interest and Points
While renters found that they were able to use the standard deduction tables to simplify the filing of their federal return; homeowners, were usually better off using itemized deductions because of the welcome mortgage interest deduction as ... more

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