April 15th seems a long way off, but it will be here before you know it. Now is the perfect time to start getting your paperwork in order. Owning real estate can make a big difference on your tax return, so make sure that you're taking advantage of all the deductions you're entitled to. We've outlined a few below: Mortgage Interest Unless you paid cash for your purchase, you probably took out a loan to buy your Phoenix home. Mortgage interest is one of the best tax deductions available, so be sure to hang on to that 1098 Mortgage Interest Statement from your lender. You can almost always … [Read more...]
Tax Breaks Granted By The 2012 Fiscal Cliff Negotiations
There was plenty of discussion and debate leading up to the New Year's looming "fiscal cliff". Ultimately, the event was avoided, but not before legislation was passed which may benefit homeowners in Phoenix and nationwide. If you have yet to file your 2012 taxes, take a minute to review the tax limitations and credit extensions, which Congress passed through the HR 8 legislation. You'll want to ensure you're paying the proper tax bill come April 15. Of course, every individual's tax situation is unique. Review your allowable deductions and credits with your tax preparer. Energy Updates … [Read more...]
