The ninth mistake.
9. Not carefully calculating your maximum financial and tax savings and withholding exemption!
When financing a home, you should seek to maximize every financial and tax advantage that you can get. Why not itís your money!
I am sure you know that there is a tax deduction for mortgage interest.
If that is true, why are you still making non-deductible car payments?
The interest paid on your car, credit cards and other debts are not deductible unless they are used in your business or unless they are part of your mortgage!
We all must find the right balance between tax saving, monthly payments and down payments. Remember if you are going to be receiving tax savings, why not adjust your withholdings so you get the cash flow benefits of your tax savings now instead of getting a bigger refund at tax time.
Unless you enjoy lending your money to the IRS, interest free!
Now that you know - what should you do about it?
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