Tax Tips: Home ownership pays at tax time

It's no secret that parts of our horribly complicated tax code have been invented (in part) to encourage or discourage certain behaviors. One of the "encouraged" behaviors is home ownership.

Along with home ownership comes the potential to itemize your deductions on your personal income tax return, and hopefully save yourself some tax dollars. Included in your itemized deductions are real estate taxes and home mortgage interest. Those can give taxpayers literally hundreds or thousands of dollars of tax savings.

So when you're considering whether or not to buy a home, you might want to factor in the tax impact. Although my home costs me more each month in terms of my mortgage payment and property tax escrow than my last apartment, I'm building equity, living in a larger place, and saving money each month when I factor in those tax deductions that I get at the end of the year.

Online Tax Filing

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Hurricane Tax Relief From Hurricane Laura: Do I Qualify?

On August 27, 2020, Hurricane Laura made landfall near Cameron, Louisiana, as a Category 4 storm. Due to its severity, the Federal Emergency Management Agency (FEMA) designated certain areas as qualifying for federal disaster assistance and enabled the IRS to provide tax relief to those impacted.

Read More

Brought to you by TurboTax.com

8 Money-Saving Tax Tips for Parents

No one ever said raising kids would be a cost-effective undertaking. But, after your initial "investment" in diapers, baby food and all the other necessary bells and whistles, the financial perks of having children come at tax time. Tax credits and deductions for parenting expenses can result in a lower tax bill and a higher refund.

Read More

Brought to you by TurboTax.com

Tax Tips for Teachers: Deducting Out-of-Pocket Classroom Expenses

When it comes to making sure students have the tools for successful learning, school teachers commonly dip into their own pockets to pay for classroom materials. Fortunately, the Educator Expense Tax Deduction can offer teachers some financial relief.

Read More

Brought to you by TurboTax.com

Sweet Child of Mine: Tax Credits for Parents

Parents may qualify for helpful tax breaks on everything from child care to educational costs and even supplies, in some cases.

Read More

Brought to you by TurboTax.com
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.