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Financial Review with Cheryl McKeiver

Written by on February 24, 2017

If you tuned in this week with Cheryl McKeiver and wanted to review some of the topics she discussed on Thursday, read below:

WDKX Financial Water Cooler:  Cheryl McKeiver, PhD

If you are a new homeowner, you may be unfamiliar with Homeowner Tax Deductions. Here are a few items that you may deduct when filing your income taxes.

  • Mortgage Interest – you would receive this information from your mortgage company.
  • Points on a new purchase – if you paid to lower your interest rate, called points, they may be deducted.
  • Energy Credits – If you have made home improvements such as; added insulation, replaced windows with those labeled Energy Star, replaced outer doors. Again those labeled as Energy Star or replaced the roof, you may be able to deduct these energy efficient additions on your taxes. You should have your receipts to support this deduction.
  • Property Taxes – From your current city or township
  • Casualty Losses – property damage not covered under insurance: flood, fallen tree, or vandalism. Coupled with your insurance claim, the documentation would be needed in order to file casualty losses on your tax return.

What to do if you are lucky enough to receive a Refund:

  • Start a Savings acct or add to one that you are not easily able to withdraw funds. Such as, one that does not allow you to have a debit card or that you are not able to transfer between accounts.
  • Payoff Debt: Payoff or pay-down your credit cards. Why not make an extra payment on your car loan? Double up on your mortgage payments.
  • Retirement: Why not contribute today to your retirement account that would help lower your tax rate for next year!
  • Car/home maintenance: Barely made through the snow this winter with those tires? Now is the time to replace them or get a tune-up. Why not have the furnace cleaned and ready yourself for next winter.

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