Tuesday, December 26, 2017

Greetings Thrifty Friends,

We have talked before about ways to maximize your tax deductions this year for next year's tax return. Like making charitable contributions, for example.

One of the biggest deductions a lot of people have is their mortgage interest. So how can you change the amount of interest you will pay this year?

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP:

Prepay your mortgage. Since the interest you pay on your mortgage is tax deductible, you can maximize your tax deductions by pre-paying your January mortgage. Just keep in mind that making an extra payment in 2017 means you will have to make another early payment in 2018 in order to keep that benefit rolling from year to year.