Tax Solutions for Home Owners
There have been numerous changes in the tax codes in the last few years, and many are now finding themselves unsure of what their tax situation looks like this year as opposed to every other year. Thankfully, the Builders Association of South Central Oklahoma (BASCO) has a number of members that would be happy to look over your taxes with you and find solutions to the questions you are facing.
Whether you have just built a new home, or have purchased one in the last few years, chances are you have the opportunity to save some pretty significant money on your taxes should you choose to itemize your deductions as opposed to taking the standard deduction. Depending on your particular situation, you may be able to claim some or all of the interest you paid on your mortgage over the last 12 months. There is also a good chance that you can deduct the property taxes you have paid over the last year, whether they were paid when you purchased the property or paid out of escrow by your mortgage service provider. Even if you are comfortable with personally handling your taxes via tax preparation software, if this is your first time filing as a homeowner it may be worth spending some time with one of our many qualified tax professionals to determine the best course of action.
Other tax benefits come from making energy-saving home improvements. If you have done business with one of our remodelers or general contractors and selected improvements that reduce the fossil fuel footprint of your home, there is a good chance that some or all of the money you spent on upgrading to green appliances or energy efficient windows may be able to qualify for additional tax credits. Solar panels, new insulation, and HVAC systems are among the most likely candidates for giving you more bang for your buck when it comes to tax credits on your home improvements, so keep this in mind if you’ve made significant changes to your home over the last 12 months.
Are you getting a tax refund this year? Congratulations! With the many changes in tax codes over the last few years, many have not been so lucky. What are you going to do with all that cash now though? If you can still hear your grandpa saying, “Don’t spend it all in one place,” you are not alone! Tax refunds are an excellent opportunity to begin a savings account for something important to you. The money has already been earned and set aside, so make the most of it! If you are unsure about the best way to save for your particular circumstance, or even how to begin saving, reach out to one of our many consumer banking professionals, and they would be thrilled to help you save for your children’s college, that dream vacation, or the sports car that you’ve been dreaming of for years.
Regardless of where you are currently at with your taxes, whether just getting started or ready to spend/save your refund, BASCO has hundreds of members ready and willing to help you make the best decisions for you, your family, and your future. Reach out to a BASCO professional today!
