If you have to buy a smart new suit for your paralegal job or uniforms for your National Guard duties, it might seem these are obvious work expenses and valid tax deductions. Not necessarily, according to the Internal Revenue Service (IRS). Work clothes
The mortgage interest deduction is only available to those who itemize their deductions. If you take the standard deduction, you won't be able to deduct your mortgage interest. And since the standard deduction is so high, most homeowners are better off not itemizing their deductions. In general...
As mentioned above, the lower interest rate means your mortgage is paid down faster because a greater portion of the payment each month is going toward the principal balance as opposed to interest. This can also get you closer to that key breakeven point. The Longer You Keep Your Home Loan,...
CAN YOU FIX IT?; Yes You Can, with a Fixed Interest Mortgage
Wise with Our Guide Why Interest-Only Mortgage Plans Can Really Pay off; Homedeals Stay Wise with Our GuideWhy Interest-Only Mortgage Plans Can Really Pay off; Homedeals Stay Wise with Our GuideDaily Record (Glasgow, Scotland)
What are mortgage points? Mortgage points are a form of prepaid interest that you can use to effectively buy down your home loan’s interest rate. Each point costs 1% of your loan amount and will typically reduce your interest rate by 0.25% (though this can vary by lender). These mortga...
Of course, as a last resort, the lender may be able to repossess your home, however, in most cases a resolution is found. It’s important to be upfront with your lender from the moment you begin to struggle to pay your mortgage and do everything that you can to prioritise the repay...
Some risks of paying a mortgage with a credit card include: Additional fees and interest: Credit cards often charge interest or fees, which can add up quickly and make your mortgage payment more expensive than if you paid using an online transfer or check. Complicated processes: Usually, ...
One smart tip, says Block: “If you have a gas guzzler, you’re likely better off taking the actual deductions.” TurboTax Tip: If you’re self-employed and claim a home office, all the driving you do from your home to clients’ offices is typically deductible. If you don...
We then narrowed our picks even further by only highlighting those savings accounts that currently do not require any minimum deposits to open an account or minimum balances to earn interest. Although the accounts on this list don't require you to reach certain minimums, the respective banks may...