Are you considering purchasing your first home? If you have a steady source of reliable income, a good record of paying your bills, and the money available for a down payment, you’re well on your way. Home ownership has a number of benefits over renting. You’ll be putting your money toward an asset you own, rather than paying someone else each month. Paying your mortgage will help you build equity. And perhaps best of all, home ownership qualifies you for tax breaks that can ease your financial burden. Mortgage interest and property taxes both count as itemized deductions on your annual tax return. Those increased deductions can offset the myriad costs related to owning and maintaining your home.
Interested in learning more about how purchasing a home affects your taxes? Taxation Solutions, Inc. is standing by to take your call. We’re Cincinnati’s source for tax help, with a variety of skilled and experienced tax specialists on our staff. We’ll be happy to work with you to ensure that you’re getting every possible tax benefit from home ownership. And of course, we can assist you with tax resolution and other tax services, as well. Contact us now to schedule your initial consultation, and to get a free estimate for our services!