Your Name:
Your Email Address:
To: (Email)
Subject:
Message:
Email Preview:

Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Tax Withholdings for New Homeowners
Ready to do your 2007 taxes?  The following article was written by a fellow Realtor in Texas and has some fantastic information....
KERRY LUCASSE   ::     Keller Williams Realty Atlanta   ::   404.432.1844
There are many tax benefits to homeownership. One of them is to reduce our income taxes paid to Uncle Sam at the end of the year. A common mistake that new homeowners forget to do is to adjust their withholding exemptions adjustments on their paychecks.
Since mortgage interests are now a tax-deductible line item on your Form 1040 Income Taxes, you may be a candidate for Itemized Deductions on Schedule A instead of taking the Standard Deduction. If you had not made adjustments to your withholdings to anticipate for these additional benefits, you would more than likely have a tax refund at the end of the year. Why let Uncle Sam have your money interest-free?
The extra take-home pay you take back can be put to better use: savings, paying off consumer debts, or better yet take the extra money you have and put that back towards your mortgage as extra principal payments. That sounds like a sweet deal to me.
Standard Deductions for 2008 are:
Single(s) $5,450
Married couple(s) $10,950
... more

__________________________________________________
Are you on The Rain? Grow Your Network!




Spam prevention