Save Money with These Tips for Homeowners
Financial Horizons: Insights for Building Wealth and Securing Your Legacy
By Dr. Jose G. Cardenas, Chief Tax Strategist at The C & R Group, LLC
Owning a home isn’t just part of the American Dream—it’s also a great opportunity to build wealth and save on taxes. But if you’re not taking advantage of available deductions and credits, you could be leaving money on the table. Here are smart, actionable tax tips every homeowner should know to maximize their financial benefits.
- Stay Organized All Year Long
Tax savings start with solid recordkeeping. Keep track of mortgage statements, tax-related receipts, and any documents connected to home improvements or energy-efficient upgrades. Having this paperwork ready when tax season rolls around means less stress and more savings.
- Deduct Your Mortgage Interest
One of the biggest tax breaks for homeowners is the mortgage interest deduction. If you itemize your deductions, you can deduct interest paid on up to $750,000 of mortgage debt (for loans taken after December 15, 2017). This can significantly reduce your taxable income.
- Invest in Energy-Efficient Appliances
Did you make green upgrades to your home this year? Installing solar panels, energy-efficient HVAC systems, or Energy Star-certified appliances can qualify you for valuable tax credits. These not only lower your utility bills but also reduce your tax bill.
- Keep Receipts for All Home Improvements
While you can't deduct most home improvements in the year you make them, saving receipts is still vital. When you eventually sell your home, those improvements can increase your home's cost basis—and reduce the capital gains tax you might owe.
- Know Your State Deductions
Some states offer income tax deductions or credits for mortgage interest, property taxes, or home improvements. Don’t overlook these potential savings—they can add up fast. Check with a tax advisor to see what applies to your state.
Your Next Step
As a homeowner, you have unique opportunities to lower your tax liability. But to make the most of them, you need to stay proactive and informed. Whether you’re maximizing deductions, planning improvements, or strategizing for the future, the right tax strategy makes all the difference.
📅 Schedule your tax preparation session today:
👉 Book Now
🌐 Visit www.thecrgroupllc.com to learn more.
About the Author
Dr. Jose G. Cardenas is a retired U.S. Army Finance Officer and Chief Tax Strategist at The C & R Group, LLC. With over two decades of financial and tax planning experience, Dr. Cardenas specializes in helping clients build wealth and safeguard their financial legacy.
📌 Disclosure: This article is for educational purposes and does not constitute personalized tax or legal advice. Consult with a qualified tax professional before making decisions.
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