The following expenses are not deductible:
How much do your deductions save you in taxes? Let’s look at an example. For your first year on a $150,000 mortgage you could have these deductions:
That’s a total of $10,800 to $12,000! With a household income of $60,000, that would lower your taxable income to less than $50,000, saving you $2750 on your tax bill. That translates to a savings of over $230 a month for buying a home!
Always discuss tax info with your tax advisor before making any decisions.
“Tax deductions,” also called “write-off’s,” mean you subtract that amount from your income before calculating how much you owe in taxes. A “Tax Credit” is even better because you get that amount taken directly off your tax bill or in a refund.
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