Tax Season

By
Real Estate Agent with Keller Williams Realty

 

Well, that dreaded time is upon us...TAX SEASON....but hopefully you will find the following tips helpful. 

According to Buffini, here are some deductions you will not want to pass up:

  • Mortgage Interest
  • Closing Costs for that year's transaction
  • Green additions to your home
  • Up to $4,000 for college tuition
  • Up to $2,500 of interest on student loan (as long as the monies were used for applicable educational expenses)

Don't forget, the tax credit for the first time homebuyer is available to July 1 of this year ('09), up to $3,750 for qualifying individuals and $7,500 for eligible joint filing couples!!

Office out of your home?  Be sure to check with your Accountant on how this deduction and other deductions work.

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