Before you start preparing your taxes, make sure you gather all the necessary documents. Keep all information that comes in the mail such as W-2s, 1099s and bank or mortgage statements, and store it in one place.
Save receipts and documents from donation forms in order to itemize your tax deductions. Not sure what to include? It’s better to have more documents at your disposal than miss a potential item.
You can also get ahead for next year by starting a filing system. Just create a folder for each tax season to keep everything in one place year-round and remember which documents you used last year – online or on paper.
The interest you pay on your mortgage may be tax deductible. That is one of the benefits of being a homeowner.
Consult your tax accountant or financial advisor regarding the deductibility of mortgage interest. For more information about home financing options, visit www.freedommortgage.com.