Want to save thousands on your taxes? Consider buying a home. Without a doubt, the home mortgage interest deduction is a major perk of home ownership: the mortgage interest you pay on your home reduces your taxable income. The first-year interest payments on a $180,000 30-year fixed rate home loan at 5.01 percent add up […]
The alternative minimum tax, or AMT, is designed to keep wealthy tax payers from taking so many deductions that they end up not paying taxes. If you end up qualifying for the AMT then quite a few of your deductions no longer count. So just when you thought you had it all figured out they change the rules.
For most of us, tax season is anything but a good time. That said, you may just find some fun in unearthing some hidden tax breaks that you’ve been missing out on! And it’s a good year for it: the American Recovery & Reinvestment Act (ARRA) of 2009 created several completely new tax credits and […]
IMPORTANT: This article applies to a tax credit in 2009 and 2010 that has now expired. Use this information for historical purposes only. The information here does NOT apply to current tax years. Good news for prospective home-buyers: It looks like Congress will extend the $8,000 first-time home buyer tax credit that was slated to […]