Are You Underestimating The Power of Tax Deductions?

Have you ever had question's about tax deductions? I strongly recommend that you get yourself hooked up with a great tax professional. The amount they can save you will be far more than the amount they will charge you! The most frequent tax question that I hear is "What exactly does it mean when I hear that my home is tax deductible?" I'll explain using your primary residence as an example. Let's say that your $2,000 monthly mortgage payment includes $1,300 in interest, $200 paying towards the principle,$300 in real estate taxes, and $200 in home owner insurance. In this example, the $1,300 in interest and the $300 in real estate taxes are both tax deductible. The $1,600 spent on those two things is tax free. In other words, the first $1,600 of your paycheck is now tax free! Normally you would have $432 taken out of your $1,600 paycheck that now doesn't need to be sent to the IRS. Instead, it's free to go in your pocket. So that $2,000 house payment really costs you $1,568. That's great news! Do NOT underestimate the power of tax deductions. The best part is anybody can use these deductions! You don't have to be rich to buy a home, you just have to have strategies, and that's where I can help you. Give me a call if you are thinking about buying a second home, I'd be happy to help you & make sure you save the most money! I look forward to hearing from you soon!