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December 8th, 2009Categories: Mortgage & Finance reVIEWS

How Do I Increase My 2009 Mortgage Interest Tax Deduction?

For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid.

Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year.

By paying in 2009, the mortgage interest paid can be applied against 2009′s itemized tax deductions even though the payment isn’t technically due until 2010.

It can reduce your tax burden come Thursday, April 15, 2010.

And lest you think you’re paying the mortgage “in advance”, remember that mortgage interest is paid in arrears; a payment due January 1 accounts for interest that accumulated in December 2009 anyway.

Tax planning is a complicated issue and not all homeowners qualify for mortgage interest tax deductions. Check with your tax professional before making tax planning decisions.

If you don’t have an accountant you trust, call or email me anytime; I’m happy to make a recommendation to you.

Tags: Accounting, Business, Itemized deduction, Mortgage, Tax, Tax deduction, Taxation, United States

Written by Chad Lariscy//

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This entry was posted on Tuesday, December 8th, 2009 at 11:43 am and is filed under Mortgage & Finance reVIEWS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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