DON’T FORGET ABOUT HOMEOWNER TAX BREAKS

A New Year means tax season is right around the corner. One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional, it’s essential to take advantage of those breaks!

Deduction applicable for tax Breaks

1. Mortgage Interest Deduction: Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away!
2. Home Office: There are specific criteria to be met to deduct home office expenses, but it can lead to a substantial deduction. In general, your home office has to be explicitly used for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a bit extra work but can make a big difference in your tax responsibility.