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Choosing a Mortgage Lender
Just as there are many types of mortgages and mortgage deals to choose from, there are also many sources where you can go to get a mortgage. Your key choices are to use a mortgage broker, a more general financial adviser, or shop around yourself and...
Sales Techniques for Artists, Crafters, and Small Merchants
Most merchants today seem to have the attitude that the customer
is best left alone until they are ready to make a purchase.
Perhaps it's because they don't want to seem pushy, or maybe
they don't care if they make a sale, or they just might not...
Should You Write Your Own Business Plan?
If you are just starting a company and looking for funding, or looking for additional funding for growth, you will need to develop a traditional business plan. Creating a business plan is a business hurdle that entrepreneurs seem to dread. ...
Tips for Starting A Small Business, Part I
Have you been dreaming of getting out of the rat race and starting your own small business? If so, your dream has become a reality for thousands of people across the U.S.
New small business owners often have similar questions such as Will I be...
Why News Releases Fail
Sorry about my otaku with this issue (otaku = more than a hobby, a little less than an obsession).
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Tax Advantages Of A Small Down Payment
A big mortgage plus small down payment equals tax advantages?
If you are like most investors you will finance most, if not all of the purchase price for your home. Once you move in, the home ownership honeymoon is over, you will probably get the urge to speed up your payments and get out debt as soon as possible. But, should you deplete your cash reserves and increase your mortgage payments to pay off the loans?
Are you comfortable with a large debt?
The answer depends on your comfortable level with such a large debt and your tax situation. Your annual mortgage interest payments and property taxes are tax deductible.
Depending on your income and the value of your home, you are probably looking at deductions of a few hundred to a few thousand dollars off your taxes. Once these deductions are schedule, you lower the amount of your real income, can end up in a lower tax bracket and pay less tax.
Mortgage interest deductions lower your tax bill
The compound effect of
lowering your tax bill over a 15-year or 30-year time span cannot be overstated. If you feel tempted to pay down you mortgage earlier remember that you can use the cash you have on hand to invest in other resources such building up your own business and the stock market.
Use deductions to build up wealth
Don’t get too concerned with your annual mortgage payments because your house will automatically increase in value every year.
You can use the extra cash to invest in a tax deferred retirement account and secure a better financial future for your family. If you think about it, owning a home is like setting up an automatic savings plan. Use that to your advantage instead of pushing yourself to the financial brink to pay off your mortgage.
Take advantage of the tax benefits of financing your home and make your money work for you.
About the Author
This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor
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