If you’re in the market for your first home, you may be trying to get a complete picture of how owning a home will affect your finances. One question you may have—what are the tax benefits of owning a home?
Owning a home can provide you with significant tax benefits. It’s important to learn how home ownership can impact your taxes so you know which home-related expenses to claim on your returns for maximizing your savings potential.
The tax deadline was pushed back to July this year which means many people have just received their tax refund. According to the IRS, the average refund issued as of July 3 was $2,762. With the financial strain caused by the pandemic, many people will be using their refund to pay essential bills. If you’re fortunate enough to have your necessary expenses covered, here are a few financially smart ways to spend your tax refund.
It’s that time of year again! Get ready to break out the calculator, dig out the enormous pile of receipts, tax forms, and pay stubs and get to work. Whether you choose to go it alone, use a tax-prep computer program or hand it all over to an accountant, start with checking out our handy list of common mistakes people make on their tax returns.
