Humor and Taxes

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:

Your Home as a Tax Shelter: Top Ten Tax Deductions for Owning Your Home

10 Real Estate Tax Breaks You Should Know

IRS Publication 530/Tax Information for First Time Homeowners

IRS Publication 936/Home Mortgage Interest

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!