September 12, 2018
You may think that keeping your mortgage for the tax benefits is a good idea, but the money you get in tax benefits comes nowhere near covering the amount of money you pay in interest. To pay off the mortgage early, try making one extra payment each year or each quarter. You can also try making bi-weekly payments (if your mortgage company will accept them). Another way to pay off the mortgage early is to funnel any windfalls to the mortgage (bonus, tax return, inheritance, etc.)
If you make anything other than the normal payment at the normal time, be sure to check with your mortgage company to be sure you understand how they will handle additional payments and how you designate the extra money you are paying. Once that is set, check your monthly statement to be sure your extra payment has been applied appropriately.
Join the Compass Catholic blog for more on getting rid of your mortgage.
April 11, 2018
Are you getting a big chunk of change back from Uncle Sam for your 2017 tax return? Your goal in 2018 should be to be tax neutral—not owing too much and not getting too much back. Listen in for ideas about how to do that. If you are getting a refund this year, we also have ideas for how you can us it productively.
Check out our blog for more about using your tax refund.
February 14, 2018
It’s tax time, and here are some tips to reduce your tax burden:
- Decide whether to use the standard deductions or itemize your deductions
- If you itemize, track expenses that are deductible throughout the year.
- Take advantage of mortgage interest deductions
- Google W4 withholding calculators to determine if you need to adjust the number of deductions you are taking on your W4 form
- Boost your retirement savings and reduce your taxes
- Take advantage of employer programs for your health care flex spending and child care costs.
Your goal is to be tax neutral–not paying too much at tax time and not using your income taxes as an interest free loan to the government.
To learn more, connect with us via the Compass Catholic Blog.