You may often hear your friends and family saying that owning a home is great for your taxes. What do they mean?

When you own a home the property taxes and the mortgage interest is almost always tax deductible. Of course this is a subject you should always discuss with your accountant.

Many consumers will experience a large tax refund every year as a result of having these two large expenses as tax write-offs. Rent is almost never tax deductible.

But there is an even better way to get a refund that is often overlooked by most consumers.

When the government issues you a refund check they have in effect held your money for over a year and paid you no interest.  You wouldn't leave your money in a savings account for a year that didn't pay you any interest at all, would you?

Instead (with your accountants help) you can amend your W-4 form and get this money coming back to you
in each and every paycheck. You can then use this money to help pay your mortgage payments.

As an example, let's say that owning a home provides you with a tax refund of $2,400. You can instead change your W-4 form to get back $200 more each month in your paychecks which you can use to help make your mortgage payments.

You will not get it back as a refund. With your accountant's help you should adjust your W-4 form so that
you do not owe any money at the end of the year nor do you get any money back. Instead, you are using this money every month to help with your expenses.