ipl-logo

Tax Savings For Homeowner Essay

637 Words3 Pages

Tax Savings for the Homeowner The end of the year is upon us and now is the time to begin focusing on the taxes for next year. While many people are focusing on investments, health expenses and other types of deductions, there are also several you should look into if you are a homeowner. Learning more about the deductions and tax savings you have as a homeowner can help you to save money. To get started, make sure you take the following information into consideration. It can be very helpful when you begin the process of filing your taxes, especially if you do so without the aid of an accountant or CPA. PMI This is one of the most expensive parts of any mortgage. However, if you have this in place, you may be able to deduct the amount you pay from your taxes. Keep in mind that this is set to expire at the end of 2015, but there is a chance that the government will extend this credit. Be sure to …show more content…

Homeowners are currently able to deduct a portion of the amount they pay to make their homes more energy efficient. If this is extended, making some upgrades to your home may be more cost-effective. Plus, it's a huge bonus for the environment at the same time. This is also something you will want to look into if you've completed any of these important upgrades to your home. First Time Homebuyers If you have or are planning to buy your first home in the near future, there is also something you should consider if you have an IRA. With your first home, you are allowed to take out $10,000 maximum during your lifetime to help pay for the down payment on your home. This is something you can do without the requirement to pay the 10% penalty for withdrawing early. Even if you have owned a home before, but haven't in the past three years you will be eligible for this. Keep in mind that each person has the same lifetime maximum, so a husband and wife could withdraw $10,000 each from their IRA for this purpose. Selling your

Show More
Related

  • NT1310 Unit 1 Assignment 1

    278 Words  | 2 Pages

    8) If the ownership and use test has been met or the exclusion has already been taken with the past two years, the taxpayer may qualify for a reduced gain exclusion. 9) Tax rules vary for personal-use, rental, or dwelling units used as home property, which is determined based on the number of days rented versus the number of personal use days. 10) Although the gain exclusion can be advantageous and residence automatically qualify if the necessary tests are met, the taxpayer may want to elect out if they anticipate the sale of another home (that would also qualify) to yeild a larger

    Read More

  • Pros And Cons Of Student Loan Debt

    103 Words  | 1 Pages

    Hello, Professor Gray, The lost loan repayment plan would have a positive impact on the taxpayers by working with your loan servicer to choose a federal student loan repayment plan to make loan payments more fordable giving the loaner more time to repay their loans based on their income. Student loan debt is referred to as installment debt, which means you have fixed payments for a specific period of time. The interest you pay on your student loans is tax deductible that would put additional funds that could be used to purchase items that would increase spending with will help build the

    Read More

  • Why Do We Need His Family In Night By Elie Wiesel

    617 Words  | 3 Pages

    Don’t sell them. Quickly! Go on. Take what I’m giving you!” (71).

    Read More

  • Pt1420 Unit 9 Final Project

    577 Words  | 3 Pages

    Toilet paper and school), taking shorter showers to conserve water, and using less electricity. If continuing with less paper products it would be helpful because you would save money on buying paper towels and you would potentially have less trash. On the downside you would not be able to eat out as much and in the beginning you would have to invest in a lot of tupperware. When you take shorter showers you be conserving water for the environment but you might have to take colder showers then you are used to. Lastly when you use less electricity your power bill will go way down but the downfall is that you might have to invest in some expensive light bulbs and have to remember to unplug things when they are not being used.

    Read More

  • Ao4 Government Response Paper

    670 Words  | 3 Pages

    This encourages individuals to work and the more the individual earns the benefit gradually reduces. Additionally, another strength is that many individuals will benefit from a monthly payment, this may encourage individuals to learn to budget this payment to be able to calculate when bills are due and when to pay them without spending all their money at once and having no money left over for

    Read More

  • What Are The Four Powerful Federal Programs For Home Owners

    433 Words  | 2 Pages

    4 Powerful Federal Programs for Home Owners According to the National Multifamily Housing Council (NMHC), over 60 percent Americans own a home. Over 50 percent of these homeowners are under the age of 50 years old. Many Americans either dream of owning a home or are struggling with financially maintaining their current home. Luckily, the federal government offers excellent programs to help home buyers and owners.

    Read More

  • Upton Sinclair's Effect On The Progressive Movement

    1184 Words  | 5 Pages

    If more companies built solar panels then the price of solar panels would go down making them more affordable. Once that happens, more houses would have solar power which would greatly cut down on the production of greenhouse gasses in the atmosphere. Another way to be more Earth friendly is to use cars that are battery powered and not gas powered. This would again cut down on the gas being released into the air thus creating a cleaner environment. In every way possible, the idea of change and reformation will always affect our lives in positive or negative ways but it is inevitable and will catch up to us

    Read More

  • Pros And Cons Of The Tax Reform Act Of 1986

    601 Words  | 3 Pages

    Policy Evaluation The pro or benefit for this policy is the lowering of top tax rate from 50 percent to 28 percent. (Radman and Walsh 2013) It provided Social Security numbers for each child on their tax returns and it expanded the Alternative Minimum Tax and increased the Home Mortgage Interest Deduction to incentivize homeownership.

    Read More

  • Essay On Veterans United Home Loans

    1616 Words  | 7 Pages

    Veteran United Home Loans Introduction The Veteran United Home Loans was found in 2002 as private financial services and insurance and is the 27th out of 100 best companies to work for according to Fortune (2017); it is one of the nation’s largest private lenders that provides loans to military veterans and their families (http://fortune.com/best-companies/veterans-united-home-loans/). The value of Veterans United Home Loans offers the best, quality customer service in various ways; they strive to be the best provider of VA mortgages as a resource to military veteran homebuyers and their families, so their services can be recognized as valuable and unique to further maintain the leadership in the Veteran Administration (VA) Loan industry. In 1944, the United States government created the mortgage loan, VA Loan that is issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The purpose of the program is to help returning military veterans members purchase homes without needing a down payment or excellent credit because many were faced difficult with credit standard and the requirement for down payment. The program has guaranteed more than 22 million VA loans to help veterans, active duty military

    Read More

  • Homestead Exemption Essay

    1189 Words  | 5 Pages

    The homestead exemption, is a tax relief plan which allows you to save on property taxes by allowing you to exclude a portion of your home’s value from the assessment. However, the homestead exemption only applies to a principal residence. In other words, the homestead exemption applies to a home owner who physically occupies their home. In addition, the homestead exemption request that only the home owner in who’s primarily responsible for the home is the only individual who can file the claim. Additionally, any one that is older than sixty-five and/or is disabled automatically qualify for the homestead exemption.

    Read More

  • The Importance Of My Responsibility To America

    418 Words  | 2 Pages

    Also my responsibility to pay taxes is so if my house floods, catches fire, or gets hurt

    Read More

  • Best Process Essay: The Process Of Buying A House

    1287 Words  | 6 Pages

    When going through these processes it is best to make a long-term decision. The long process of buying a house will affect me in many ways concerning my future. When I get older, I will have to apply these smart facts in order to get the right house for me. I will have to know how the government works with setting loans and property taxes.

    Read More

  • Rate Refinance Essay

    678 Words  | 3 Pages

    It’s really simple. Think of it this way – you are refinancing your mortgage, meaning you are obtaining new

    Read More

  • Advantages Of Marketing Communication Mix

    3247 Words  | 13 Pages

    Advertising Marketers whom need to reach large, geographically dispersed audiences, often with high frequency, use advertising to promote their business. The cost per exposure is low, although the overall costs are high. It builds brand image, and may stimulate short-term sales, but it’s a one-way communication with potential customers. Personal Selling Personal selling is very effective in building customer relations and helping the customer move from the knowledge and awareness stage to conviction and action.

    Read More

  • Saving Money Essay: How To Save Your Money

    1029 Words  | 5 Pages

    There are various savings and investment policies to help you protect your earnings. If you are saving is for a short term goal, you might want to consider FDIC-insured

    Read More

More about Tax Savings For Homeowner Essay

Open Document