Tax Tips from The Pros

Tax season is upon us and owning a home can be a very valuable asset at tax time.  We wanted to share some expert advice we scouted from around the web to help our clients and blog readers maximize their deductions. You have a few extra days as taxes are due, this year, on April 18, 2017.

Houselogic provided several articles with handy tax tips and we have included a few.  Their first tax tip is to make sure you are taking the mortgage interest deduction.  They say,

One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet.  Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home.

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Houselogic also gives advice to the DIY tax preparer in an article entitled, “How to DIY Your Taxes And Not Miss A Deduction.”  Their first suggestion is to pick the right software.

Unless you qualify for a free version (more about this below), software prices are all over the place. Still, you get what you pay for. TurboTax is pricey at almost $60 for the Deluxe version, but both our tax experts agree: If you’re going the DIY route, it’s their favorite option. “It’s user-friendly,” says Cathy Derus, founder of Brightwater Accounting, who, despite being a CPA, admits she’s used the program herself in the past. “It offers an online questionnaire. Then, it walks you through exactly what you need to do.” That questionnaire does a good job of helping you identify possible deductions.

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Finally, you may see Houselogic’s entire catalog of tax tips HERE.
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