Tax Prep for Homeowners

With February here and tax season upon us, did you know that — as a homeowner — you have many tax benefits you would not otherwise have? Owning a home gives you the possibility of deducting expenses such as:

  • Home renovation interest
  • Energy-efficient home improvement costs
  • State and local property taxes
  • Rental income
  • Home office expenses
  • Capital gains from home sales

As you prepare your tax documents, don’t forget to include other documents that may reduce your tax burden. These include Form 1098, loan contracts, home improvement receipts and the mortgage credit certificate. 

Use Your Tax Refund Wisely

Are you already starting to consider how to spend extra money from your tax refund? Rather than using it for an impulse purchase, why not plan a practical use of the money? Below are some awesome ways to invest wisely and set yourself up for a financially successful year:

  • Pay off credit card bills
  • Pay off student debt
  • Make car payments
  • Rebuild your emergency fund
  • Make home improvements
  • Save for upcoming expenses