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It’s tax time and with just a little less than a month until the Federal filing deadline, if you haven’t done so already, you should be making plans on how you will file. It’s been a rough road the past few years for many home owners but tax time may bring a bit of much-needed relief to homeowners as they reap the benefits that are most noticeable when they file.
There are many tax deductions and credits that are available for home owners including credits for energy-saving home improvements, property taxes and some unforeseen circumstances including divorce/ separation, death, loss of employment or multiple births in the same pregnancy. If you are like many homeowners out there, the bulk of your monthly mortgage payment goes towards interest, which makes it tax-deductible and the biggest tax break of them all. The one exception to this rule being if your home loan is more than $1 million, in which case the IRS will limit your deductible interest.
There are a few things that are not tax-deductible also including homeowners insurance, any HOA dues you may have to pay, closing costs and improvements to your neighborhood such as new sidewalks or utility work.
So you may be wondering how to make sure you get the most deductions and credit possible. You have to make sure you file properly and include any additional documentation that may be required. Most of the time, this includes filing a 1040 long form and Schedule A, so your deductions are itemized. Yes, this means your taxes will become a bit more complicated but it is worth it in the long run. There are many resources available to you to help and any tax professional should be able to help answer all of your questions and get you the biggest possible refund.
For a list of tax services in Forsyth County, GA, click here.
