Last-Minute Tax Tips for Homeowners

The due date for tax returns was pushed back a few days this year to April 18th. Nevertheless, we are getting a little too close to the due date for comfort. If you haven’t filed yours yet or even started thinking about it then you are cutting it close. But there is no need to panic. Realtor.com gives some good last minute tax tips to get more tax breaks on your home and save you a lot of money.

Tip Number One

Grab a 1098 form, otherwise known as the Mortgage Interest Statement, which is sort of like your home’s W-2. With this form, you can get your two biggest breaks in regard to your home: the mortgage interest and property taxes.

Tip Number Two

File an extension on your tax return so you can use some extra time to get all the work done that you need to in order to get the tax breaks that you qualify for. In recent years, the IRS has made it significantly easier to get an extension.

Tip Number Three

If you make less than $64,000 a year, you qualify for free tax prep software. This way the process will be significantly easier and likely cut down how long it will take you to finish your return and send it in. Even if you make more money than that, you can still find free or low-cost online tax prep that you can use to speed up the process.

So, you did wait a little too long this year and are slightly stressed out now. You will still get it done it time and obtain the tax breaks you are hoping for. But now you know that next year, you ought to start prepping for tax season a little bit earlier than you did this year.

 

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http://www.realtor.com/advice/finance/last-minute-tax-tips-for-homeowners/?iid=rdc_news_hp_carousel_theLatest

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