The largest tax deduction most people can claim on any mortgage is on the interest paid on the loan.
In most cases, mortgage refinance interest is tax-deductible, which means you can take it off your taxable income for that tax year.
But some rules apply.
Rules for Making Tax Deductions on Mortgage Interest
First of all, the loan must be on either your primary residence or a secondary residence. If you take the deduction on a second residence, this can’t be a rental property.… Read the rest
Kids can be stressful at times, but the good news is they can save your butt during tax time. Today we are sharing some of the tax benefits that kids and other dependents bring to you.
Dependent Tax Deductions
You may be able to claim more dependent tax deductions and credits as a family than single taxpayers. However, if you’re not aware of these deductions and credits, you might be losing out on significant tax breaks.
Child Tax Credit
The child tax credit is better than the deductions because your taxes are reduced dollar for dollar.… Read the rest