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We posted about tax season a few years ago, but it's worth revisiting.

Unless you’re a professional accountant, doing your taxes can feel like you’re wandering through a massive corn maze. Except instead of corn, there are a bunch of numbered forms. And it’s not fun.

But, that doesn’t mean you can’t save some money. In fact, if you’re a homeowner, there are a number of credits you can take advantage of this year. Taxes are complicated, and eligibility for certain credits can vary depending on location and income. It’s always best to check with a qualified professional if you have any uncertainties.

A few things to revisit:

The Energy Property Tax Credit

This credit has been around in various forms for the past few years, and while it was set to expire, it ended up being reinstated (rock on, green tax credits). If you made energy efficient upgrades to your home last year – such as purchasing an energy star appliance or installing insulation in your attic – you can receive a credit for 10 percent of the building materials! The maximum amount you can get from this credit is $500. For more information, visit the IRS website.

Mortgage Insurance Deduction

This deduction was on the bench in 2011, but it was also put back in action. If you pay mortgage insurance, you can take advantage of this deduction by itemizing your federal taxes. Depending on your situation, you may be able to deduct up to 25 percent of what you paid for mortgage insurance. 

The New Homeowner Credit - no longer available.

Read More: Source

Posted 4:34 PM

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