With April 16 rapidly approaching, the phone calls and emails from clients begin to really pick with with questions about their tax deductions. I recommend using a CPA to help you with your taxes, especially if you’re itemizing (which you need to do in order to deduct mortgage interest). Here are a few links you may find helpful regarding mortgage income tax deductions:
Now…a little humor to lighten this post up a bit.
"The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin." Mark Twain
"The hardest thing in the world to understand is the income tax." Albert Einstein
"The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place." Robert Dole
If you find you’re getting a nice big return back on your income taxes, you may want to consider adjusting your withholding by increasing your exemptions. Again, this is a matter to discuss with your CPA. There’s no reason to give the Government an interest free loan of your money when you can be taking home a little extra each month…just my 2 cents!