It’s simple. The government takes too much from our earnings. Whether we get our tax refund check or if we have to send the Internal Revenue Service a check, we almost always think it’s too much.
So – here’s an idea that can maybe save you a bundle when April 15 comes around. And it comes every year.
Ready? Here it is.
If you don’t already own your own home –
BUY A HOUSE TODAY!!!
You can deduct your real estate taxes from your income. You can also deduct your mortgage interest from your income. Here’s how it works.
Let’s say you are married and your income was between $75,000 and $152,000. That puts you in the 25% tax bracket.
Let’s also assume that if you owned your home and your real estate taxes were $8000. And your mortgage interest was $12,000. That gives you an additional $20,000 in deductions. That means you don’t pay taxes on that amount of earnings. Now, my limited math skills tell me that 25% of $20,000 is $5,000. Yes – that means that you will be paying the government $5,000 less in taxes.
Would you be interested in giving the Internal Revenue Service $5,000 less? Of course you would.
Now also figure into the equation that you can probably own a similar home to the one you are renting for less than you pay in rent. Why wouldn’t you purchase your own home?
Owning your own home is a major step towards you family’s financial stability. Studies also show that a family that lives in a home that they own is physically healthier than a family that lives in a rental property. You’ll also gain on stability. You move when you want to, not when the landlord says it’s time for you to go.
Bottom line? BUY A HOUSE TODAY!!!
I am not an accountant. Please speak with your financial advisor to verify the information I have given.