Should you buy or lease a car?
If you are in the market for a new car, you may be contemplating buying or leasing. How do you determine which option is right for you? We list four questions to ask yourself in this Question of the Week.
Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year. We explain in this week’s Tax Tip.
Five Things to Know Before Becoming a Landlord
Before you purchase an investment property or rent out your own home, make sure you understand what’s involved. We explain in this week’s Financial Tip.
Some Electric Vehicle Credits Are Phasing Out!
The IRS recently announced that the tax credit for purchasing the popular Tesla is being phased out and that the credit will drop to $3,750 after December 31, 2018, and will drop again to $1,875 after June 30, 2019. Then, the credit will no longer be available for a Tesla after December 31, 2019. But…
I’m a first-time homebuyer, and I don’t have a lot of cash to put down on a house. What type of mortgage would be best for me?
If you are a first-time homebuyer and don’t have a lot of money for a down payment on a home, you may want to consider obtaining a mortgage through a government mortgage lending program such as those offered through the Federal Housing Administration (FHA) and the Department of Veterans Affairs, formerly known as the Veterans…
Can I buy a house with no money down?
Typically, lenders require a down payment of 20% of the home’s purchase price. However, some special mortgage programs allow you to purchase a home with no down payment, such as Veterans Administration (VA) mortgages (if you are a qualified veteran) and no-down-payment or 100% financing mortgage programs. VA mortgage terms are generally favorable when compared…
Tax Benefits of Homeownership After Tax Reform
In addition to the below, there may also be tax benefits under state law. Mortgage Interest Deduction One of the most important tax benefits of owning a home is that you may be able to deduct the mortgage interest you pay. If you itemize deductions on your federal income tax return, you can deduct the…
Good and Bad News About The Home Office Tax Deduction
The good news: Home-office deduction is still allowed for self-employed taxpayers. The bad news: It’s no longer available for employees, at least for 2018 through 2025. Read all about the changes in this week’s Business Tip.
Should I buy a home or continue renting?
“To rent or to own,” that is the question! Each has its advantages. On one hand you have the ease of relocating, on the other, equity! We explain in this week’s Question of the Week.
Refinancing Your Mortgage
There are many reasons to refinance your home besides getting a lower interest rate. We explore the reasons in this week’s Financial Tip.