Cut Taxes With Early Mortgage Payment

Homeownership offers many tax breaks, but to maximize them, you need to make some moves by Dec. 31. An early January mortgage payment, for example, could lower your upcoming Internal Revenue Service bill. Unlike rent, which you pay beforehand, your mortgage payments are made at the end of your occupancy period. That means your Jan. 1 mortgage statement represents interest for the month of December, making it a tax-break-eligible bill for this year. By accelerating that payment even by just a day, you get an additional tax deduction for the interest paid. | Read More