It’s that time of year again! Tax season! To get your tax return back as quickly as possible, it’s crucial to make sure you are filing correctly. Income taxes in Kendall has changed over the years, so we’ve put together some crucial tips to ensure you’re doing everything correctly to maximize your tax return. Keep reading below to find out more!
Income taxes deductions for first time home buyers
When it comes to purchasing a new home, most individuals are familiar with tax deductions for interest paid on their mortgage. However, many new homeowners are not aware of other useful income tax deductions that can be used when filing their taxes at year’s end.
Ways to save on income taxes in Florida
If you’re a first-time homebuyer, Filing taxes as a homeowner may seem complicated, but it doesn’t have to be. Making sure you do your due diligence when filing your taxes can save you money down the road. These key steps are also easy to follow and not too technical, so you can help keep your costs low by doing things right.
Out of State Taxes for New Florida Residents
Though many people move to Florida with a non-resident license plate, it’s important to understand that owning property in Florida will make you responsible for paying taxes. As a new resident of Kendall, you have 90 days after moving into your home to obtain a Florida resident’s driver’s license and register your vehicle.
Deduct your mortgage payments from your federal taxes
Not everyone can deduct their mortgage payments from their federal taxes, but if you’re married and your combined income is below $100,000, it’s worth checking to see if you qualify. It’s a powerful way to help offset your monthly costs. Just make sure that you only deduct interest on loans up to $1 million, and that any home equity lines of credit stay under that number as well.
Consult with a professional before filing your income taxes
Most of us need to fill out a federal and state income tax return every year. The process can be tedious, especially if you are a first-time home buyer in Kendall. However, you must stay on top of your taxes so that you don’t end up owing money come April. Before getting started with tax season, it’s important to consult with a professional who can help you understand what tax credits and deductions are available to you as a new homeowner.
Income tax can be a relatively daunting subject, so it’s not surprising that many people feel uneasy when they need to fill out their first return. However, if you pay close attention to these six income tax tips for first-time homebuyers in Kendall, then you’ll find that income taxes in Kendall is not as scary as they may seem. Additionally, these points will help make your first year of filing easier and less stressful!