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Starting in July, many families saw enhanced child tax credits. Tax credits can have a bigger impact than deductions because they “ directly reduce the amount of tax owed.” The Lifetime Learning Credit provides a maximum annual amount up to $2,000 per tax return, according to the Tax Foundation. While the deduction for tuition and related expenses has been dropped, as of 2021, taxpayers can benefit from expanded income limits for the Lifetime Learning Credit. This deduction can also only be taken if you itemize your taxes. As of December 2020, this rule was reverted back to 7.5% and has now been made permanent. The 2017 tax law had raised the floor for deducting unreimbursed medical expenses from 7.5% of taxpayers’ income to 10%. The December 2020 tax law included making a lower threshold for deducting medical expenses permanent. Your Sente Mortgage Banker will have a trusted recommendation for you. To explore whether itemizing taxes and making an early mortgage payment are to your advantage, it’s important to confer with a certified tax professional.
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Based on the specifics of your loan and the state in which you reside, there may also be caps to the maximum amount you can deduct. You can only claim a deduction on the interest you’ve paid on your mortgage loan - not the principal - and interest paid on a second home or vacation property is generally ineligible.
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It’s generally thought that itemizing only makes sense if your itemized deductions would equate to more than the standard dedication. This strategy is only applicable to those who itemize their federal income tax returns. 31) means that the interest from that extra payment will count towards your 2021 reduction. Doing this (and making it clear to your bank that the payment is not a principal reduction, and that the payment posts before Dec. One is making your January mortgage payment early, in December. There are several ways to maximize your mortgage interest deduction, but it’s important to know who qualifies for this and the limitations. Advantages to making your January 2022 mortgage payment in December 2021.
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Here are some top tips and changes to think through now and best position yourself for the end of the 2021 tax year:ġ. But let’s get ahead of the game as we gear up for what could be another unusual tax year. Tax day is Apwhich may feel like a long way off. “(Joining) Sente opened doors to new loans to try to help our people with low down payments,” Walle said.What to do now to prepare for the 2022 tax season Those include loans for people with poor credit scores or those looking to buy small “hobby ranches” in the area. Sente Mortgage handles more of the nitty-gritty, detailed paperwork that Main Streets used to process, freeing them up to offer more mortgage programs than before. “It’s like I hired a whole bunch of people,” she said. We have other people processing the loan.” Now that we have the company behind us, we can do other things and help more people. “Before, when we would do a loan, and there was a good point to this, everything was done right here in this office,” Fullbrook said. Investor overlays are mortgage approval standards that lenders and their investors place above federal guidelines. “We can sell directly to the family,” Walle said. Now the company can offer loans from the Federal Housing Administration, the United States Department of Agriculture and Veterans Affairs. It’s been a good thing for us.”įullbrook and Lupe Walle, Main Street’s other mortgage banker, sent those seeking certain types of mortgages to other companies because of the limited opportunities they offered before joining Sente Mortgage. It’s pretty huge to work under the umbrella of them, because it’s a crazy world out there. “You kind of need to partner with a bigger company. “The mortgage environment has changed with Dodd-Frank (2010 federal rules that tightened lending as a response to the financial crisis) and the hoopla with the financial industry,” said Gwen Fullbrook, the branch manager and mortgage banker who started Main Streets of Texas Mortgage in 2005. The firm has a goal of making the home buying experience in Fredericksburg easier. Main Streets of Texas Mortgage joined forces with Sente Mortgage, a Texas-based company, in April of this year. Sente Mortgage’s recent entry into the Fredericksburg housing market gives prospective home owners another avenue to find the loans they need to get started.