This blog is a way for me to share hard learned lessons about money with those who are just starting out on their own. I hope it's a way for you to avoid making the mistakes I made, and to benefit from my experiences

Monday, December 18, 2006

Get Your Mortgage Payment in Early to Maximize Your Tax Deduction

This year I'm sending my mortgage payment in 2 weeks early. Why? So I get 13 months of interest paid this year, so I can deduct it on my taxes.

If you've had a good income year, and expect to owe a larger amount in taxes, here's a free way to save taxes on that interest. If you haven't had such a good year and don't expect to owe much in taxes, make the payment in early January. Maybe you'll have a better year next year and can take that extra help on next year's taxes.

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