homeowner’s tax saving benefit is generally realized when they file
their federal income tax return after the money has been spent for the
interest and property taxes. Some people look forward to the refund as a
means of forced savings but some people need to realize the savings
during the year.
It is possible to adjust the deductions being withheld from the
homeowner’s salary so they realize the benefit of the savings prior to
filing their tax returns in the form of more money in their pay checks.
Employees would talk to their employers about increasing their
deductions stated on their W-4 form.
By increasing the exemptions or deductions, less is taken out of the
check and the employee will receive more in each pay check. If a
person over-estimates their exemptions and therefore, underpays their
income tax, they might incur interest and would have additional tax to
pay when they filed their tax return.
Buyers considering this strategy should seek tax advice and discuss it
with their human relations department at work. Additional information
is available on the Internal Revenue Service website about Completing Form w-4 and Worksheets.
Author:Lisa Hayden Phone: 941-730-3102 Dated: November 11th 2014 Views: 665 About Lisa: I am a Michigan native but call Sarasota “Home” for the last 8 plus years and have proven to be ...
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