As quickly as possible after closing on your home purchase, eligible homeowners should file for the homestead exemption – an important tax savings opportunity! Many Georgia counties now make this process easy and convenient with internet-based filing options. Be sure to check in with your county property tax office if you have any questions.
…and although next year’s tax filing is some time off yet, it’s a great time to set up your organizational files so you have your information ready-to-go!
After the close of the calendar year, watch for your annual mortgage interest details, and be sure to include these with the package of information submitted to your CPA or tax preparer. For all those who are eligible, this is an excellent tax deduction! The IRS also produces and updates publications to assist taxpayers.
Here are a few suggestions to help…
* If you closed on a home purchase or sale this year, be sure to provide your CPA or tax preparer a copy of your settlement statement as well as the financial details of your contract. You’ll want to provide this information every year going forward.
* If you refinanced your mortgage, be sure to let your CPA or tax preparer know and ask if any of the costs associated with this process are eligible deductions.
* Include also for your CPA or tax preparer, your year-end interest payment details. These will appear on a typical mortgage billing statement, and you should receive a separate year-end document mailer as well. If you have any questions or concerns, contact your mortgage company with the instructions provided on your statement.
* Your CPA or tax preparer may have a helpful check-list for your review as you get ready for your annual filing. Check in early so you have the time to gather the information you need to accurately and timely complete your tax filing.
* Remember that the laws may change from year to year. Your CPA or tax preparer should be able to help you understand how any changes will affect your filing. Reviewing publications available through the IRS may also be helpful, and the tax office is also available to help answer your questions as well.
* Consider receiving all sensitive financial documents at a secured location. If your mailbox is not locked and secured, it may be helpful to receive your mail at a Post Office box. If you have made such a change, be sure you let your mortgage company know in addition to all other financial and other institutions that may be sending you important year-end documents, billing and other statements, etc.
We hope this information is helpful! We’re wishing you, each and all, a wonderful summer ahead!
When you’re ready to list and sell your current home, or gear up to purchase your next home, we hope you’ll call on us! We’re here to help, and would be delighted to speak with you!