Too Early To Talk Taxes? No! (Part 1)

It’s never too early to talk taxes since what you do as a home owner this year may impact your taxes next year.  Steps taken this year may determine what you claim on your taxes next year.  Tax prep is hindsight.  Always remember that by the time you are ready to prepare your taxes the tax year you’re filing has already passed.  The most important decision you can make is to get accurate information about what you can claim on your taxes.  Remember that a friend or close relative may not always be a tax expert.  Here are a few of the many questions that you should ask yourself this year in preparation for your next tax return.  As a home owner, do I have accurate information about what I can claim on my taxes?  Can my property taxes be claimed on my tax return?  Do my property taxes always give me a tax deduction? How should I pay my property taxes so I can receive this benefit?  If I do home renovations, are they tax deductible?  If I have an office in home, can I claim a deduction?  What is the home energy credit?  Can I claim a Casualty or Loss to my Home?  The answers to these questions can benefit you greatly.  In my ongoing series on ‘Home Ownership and Taxes’ I will share with you some tips on how you may use your home ownership to your tax benefit.  Stay tuned!