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Five End of the Year Tax Breaks Worth Considering

As the New Year is fast approaching, most people are rushing around trying to meet deadlines for work before leaving for the holidays or to wrap those last few presents. But if you are a homeowner, you should add to your holiday to do list. There are a few things you should consider to get done by the end of the year other than the baking of the cookies or figuring out where to party for New Year’s Eve.

Prepay mortgage interest. If you have the cash handy, you should try and pay your January mortgage payment before the end of December. The interest portion of that payment will actually be accrued to your mortgage in 2012, so if you pay your January 2013 mortgage payment in December 2012 you will increase the mortgage interest deduction you’ll be able to take as soon as you file you 2012 taxes.

Close on your refi. If you are a home buyer, it is almost too late to start and close an escrow this year. If you’re a homeowner in the process or considering refinancing your home, there might still be time to hurry and close the deal. Discount points or other prepaid mortgage interest you shell out to close a refinance home loan may be considered fully tax deductible on your 2012 tax return. to read more…

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December 28, 2012 - Posted by | Uncategorized | , , ,

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