For many Florida homeowners, interest paid on a Florida mortgage is tax-deductible – up to a portion of the interest they paid during that particular tax year.
If you’re like most taxpayers, you’re always game for a way to increase your overall tax savings. Well, you may be able to increase your 2009 tax deduction just by making your January 2010 Florida mortgage payment before the end of the year.
By paying this January 2010 payment 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. Do this an you may in fact reduce your tax burden come Thursday, April 15, 2010.
Now, don’t think you’re paying your mortgage “in advance.” Remember, mortgage interest is paid in arrears, and your mortgage payment due January 1 accounts for interest that accumulated in December 2009 anyway.
Tax planning can be a complicated process, and not every homeowner qualifies for mortgage interest tax deductions. As such, be sure to check with your tax professional prior making tax planning decisions.
If you don’t have an accountant you trust, contact me. I’ll be happy to share a few names of some trusted tax professionals who can help you plan you tax deductions accordingly.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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