How many dollars did you deduct on last year’s income tax return for mortgage interest? If the answer is NONE, read on.
Many career minded people feel that a disproportionately large share of their income goes toward the payment of federal income taxes. Perhaps that’s true for you also.
To simplify matters, let’s say that you’re in the 28% tax bracket. Do you realize that by owning your own home with payments of $800 per month, you might actually have an initial tax savings of up to $2,688 per year ($224 per month)? And with an $800 monthly payment, less a $224 monthly tax savings, you would have a net house payment of $576 per month! On top of that your house value should increase significantly each year.
If you feel you’ve been paying too much income tax and want to change that part of your life, call our office. With no obligation or cost to you whatsoever, we’ll show you how to make that change, painlessly.