For some first time homebuyers, there monthly housing cost will increase. By 50 or more в but their true housing costs wonвt. Part of the equation is largely overlooked в income tax savings. Plastic mattress cover are aware that thereвs some income tax advantage to. Owning a home. How much will they save. They donвt know.
вEven with the tax refund, weвre worried about the payments,в added Tara. What if you knew exactly how much you will save in. Taxes when you buy. Better yetвв. what if you could take home more in your regular paycheck?. And use that money toward the house payment.
You can. Hereвs how Find out your home ownership tax savings. Put together some financial information, then make an appointment to meet with an. Accountant or tax preparer. Just follow these simple steps Putting together your information. Meet with a loan officer Find out how much interest youвll be paying per year, as a dollar figure. For example, a 100,000 mortgage at 5 would be 10,000.
Per year in interest. в Next, ask either the loan officer or your real estate agent to. Tell you how much youвll pay per year, in property taxes. в Get copies of your last tax return, the. W-2 form for last year, and a recent paystub from your job. Make an appointment with a tax preparer. Ask them these questions 1 Based on the mortgage interest and. Property taxes, how much less in income taxes will I pay.
2 Based on these savings, how do change my withholding, so I get more net pay in each paycheck. 3 How much more net вtake homeв pay will I get. Does this really work. Youвre worried about that 2,200 a month house payment. Then - because of the tax savings, you get 450 a month more. In take home pay. A 2,000 monthly payment is easier to pay when. You get 450 a month more in take home pay. вKnowing about the tax savings made a big difference for us. We didnвt know we would save this much в and that.
We could get the savings in our take home pay!в This one simple step could make the whole process a lot less stressful. Soon - youвll be celebrating your new house. Just like the people on TV.
Donвt have a tax preparer. Ask your mortgage loan officer or real estate agent. They should be able to refer you plastic mattress cover someone whoвs familiar. With the process. Joffrey Long is President of Southwestern Mortgage, in Granada Hills, CA.
Heвs the author of several courses on FHA loans, and provides training to. Loan officers and real estate agents.
Heвs past president of the California Mortgage Association and. Is a member of its education committee. He can plastic mattress cover reached at infoasksw. plastic mattress cover or at 818366-5200. Five Advantages Associated With Metal Roofing Not so long. Ago, people had to choose between wood and asphalt shingles. Today, metal roofing offers a number of advantages over plastic mattress cover.
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