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Top 5 Tips for Reducing Your Real Estate Taxes

Life as a homeowner has it’s ups and downs.

Transforming a new house into a unique space to call your home is a perfect example of the upsides to being a homeowner. On the downside, there’s the painful chores of fixing broken appliances and of course, paying the dreaded ongoing costs and taxes associated with owning a home.

Whether you have just entered the home owning universe and bought a home over the last year, have been a homeowner, or recently sold your home, there’s no doubt you have faced  home owning costs and taxes. Although there’s no way to escape them, there are tips to help lower your taxes when filing your 2013 taxes.

Top 5 Real Estate Tax Tips, Worthy of Writing Down 

The following tips for real estate taxes will leave you with more money (and energy) to instead use towards transforming your home into your dream estate.

1. Mortgage Interest- As you (hopefully) know, a large chunk of your monthly house mortgage payment, goes towards interest. As long as the loan for your home is under $1 million, this interest is tax deductible. You can also generally deduct equity debts of $100,000, or less.

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How to File an Amended Tax Return

Picture this; You filed your taxes and went on with your life. Weeks later, you wake up in the middle of the night realizing you forgot to include your daughter (born over the past year), as a dependent.

Not only did you forgot to include your own child on your tax return, but you also forgot to claim extra tax dollars. What’s next? You briefly remember hearing about tax return amendments but wonder how to amend a tax return? Good news, you can file an amended tax return and correct any mistakes with RapidTax.

What is an Amended Tax Return?

Filing an amended tax return (known as Form 1040X)  is necessary when you need to change information to an already filed return. Tax filers usually file an amended return in one of two situations; the IRS reported errors on the tax return or you want to add or delete something on the tax return. If you reported the wrong filing status, the number of dependents, deductions, credits or income, you’ll need to file an amended tax return. However, if you made math errors, you don’t need to file an amended tax return. The IRS computers will correct math errors.

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What’s My Filing Status and Tax Rates For 2014 Tax Season?

Your 2013 Tax Rates are dependent on your Filing Status.

The IRS announced that the 2014 tax season (the season you file your 2013 taxes in) will begin on January 31, 2014. That means there’s a small delay to the opening of the 2014 tax season.

Before filing your taxes in 2014, you should refresh your memory on the 2013 tax rates. Your tax rate will be dependent on what filing status category you fall into and help you get an idea of what your tax refund or tax liability will look like when filing your taxes.

Do You Know Your Tax Rates?

The two tables below will help you see the IRS tax rates for 2013 (the taxes you’ll be filing in 2014). Click on the tax tables to see a larger view (you can even right click and save them to refer back to). Continue reading “What’s My Filing Status and Tax Rates For 2014 Tax Season?”