Whether you are a new homeowner or in the market to buy for the first time, it’s essential to save as much money as possible. Skilled tax help will empower you to make the most of your budget and afford the perfect home. Before preparing your 2018 tax returns, take advantage of accountants’ best tips for maximizing your deductions. 

Top Tax Help Advice for New Home Buyers 

1. Report Mortgage Interest 

If you itemize your taxes, account for any mortgage interest. The amount you pay the lender will be available by 1098 form in January or February. When you file for 2018, the IRS will allow up to $750,000 in deductions. 

Watch for this document in your mailbox or by email. If you do not receive it by the end of February, contact the mortgage company. Keep in mind that itemizing this expense means you will surrender this year’s standard deduction. 

2. Deduct Property Taxes 

First time homebuyers will pay their annual property taxes through escrow or their municipality. This figure can be used for income tax savings. Once you receive a property tax notice in the mail, save it for your filing. This year, you can report up to $10,000. 

3. Examine Your Loan Points 

When tax help professionals refer to “points,” they are talking about a percentage of the loan amount you use to pay the mortgage lender. Check your 1098 lender settlement statement for this information. You may be eligible for this deduction if the number is equal to your cash down payment. If you have questions, contact an accountant or the mortgage company. 

4. Consider Energy Investments 

If you install certain renewable energy products like solar panels, energy-efficient windows, or a geothermal heating system in your first home, you may be eligible for energy tax credits worth up to 30% of the cost. View the IRS energy incentive rules to determine if your investment applies. 

An experienced CPA or bookkeeping professional can provide the information you need about tax savings and deductions as a new homeowner. Buyers throughout the Greater Atlanta, GA, area trust JJR & Associates LLC to guide them through the process. Their team of tax specialists is available 24/7 to explain how deduction rules apply to your situation and help you file. To receive their skilled tax help, call (404) 437-7748. For information about their services for families, couples, and business owners, visit their website.