Nothing like procrastination when it comes to tax preparations. Well, if you are like many people, you are doing your taxes on the eve of the deadline. In that case, here is some very timely advice about preparing for the tax return calculations. If you’re a first-time homeowner, you might not be fully aware of the advantages available to you when it comes to property tax deductions. Owning property has numerous benefits when it comes to taxes—even if you have a professional tax preparer, it’s good for you to know what you can anticipate when your return is finally filed.

Mortgage Interest – When you make your monthly mortgage payment, part of it goes towards the loan and part of it goes towards the interest on the loan. Presuming that this home or another owned residence has been designated as collateral for the loan, this interest is deductible. Some conditions may apply. Your lender will send you a form 1098, which lets you know how much you have paid in interest for the previous year.

Home Improvements – If you take out a loan to make any significant home improvements—such as replacing a roof or foundations, or remodeling a room of the house—you may be able to deduct this loan as “home acquisition debt.”

Maintenance Property Taxes – Generally speaking, municipal property taxes may not be deducted, but in some instances local taxes that are used for maintenance or repair, and related interest, could be considered deductible.

Equity Debt – In some instances, your loan amount may have exceeded the amount needed to buy or improve the home. This is designated as “home equity debt,” and the interest from this debt may also be deductible.

Both state and federal governments view home ownership as a positive development and they do much to award new homeowners with tax breaks. Spend time with your accountant and mortgage lender to learn more about the new advantages you’ve gained!

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With the surprisingly mild winter, the sun is starting to shine on those dusty corners of your home earlier than usual this year. Spring is right around the corner, which means you should soon be feeling an itch to get your house in order and prepare for the warmer days ahead. Here are a few tips to help you strategize your plan of attack.

Recharge! – If you haven’t done so recently, replace batteries in anything that might need it, with a special focus on the hazard detectors (smoke and carbon monoxide).

Empty The Storage Areas – If you’ve had any chemicals sitting in your garage over the winter, find out the safest method of disposal. Your city or region may have a public program to help. Donate, sell, or simply toss any items in your garage or attic you no longer want or need.

Inspect Your Basement – Spring is a rainy season, and if you live in an area prone to flooding you’ll want to make sure your sump pump is operating up to standards. Add water to the silo, which raises the float. Also, depending on how much rainfall you expect and how long the walls of your basement have endured, this might be the year to invest in a dehumidifier or even professional waterproofing.

Get Brighter Light – After the shorter days of the past few months, you’ll be overjoyed at how much more light you can bring to your household. Help the sunlight look its best by cleaning windows, curtains, and blinds…and take the time to dust the light bulbs as well, so even your evenings seem brighter!

Spring cleaning is hard work, but the rewards for a job well done can last for weeks or even months. Take the time to do it right!

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When you apply for a mortgage, your credit score will play a large part in the rate you get—or even whether you are approved for the loan at all! If your credit score is not optimal, there are some methods you can employ to try and help improve it…but you’ll need to be very careful and conscientious to make these strategies work.

Use New Credit – If you’re in a lot of debt already, this might seem on the surface like a strange way to help your credit score. However, using new lines of credit is a great way to bring your rating back up to a higher standing. Your previous credit has already been assessed, and is the cause of your current poorer rating. By taking on more debt, you can improve the overall average score, as long as you…

Pay Your Bills Promptly – The credit score is based less on how much debt you’ve accumulated and more on how responsible you are with repaying the debt. Credit scores go down when payments are late or missing. With the new credit you’re using, you now have an opportunity to show that you’re a reliable borrower, and that will reflect in the score.

Redistribute Your Debt – Review all of your current debt instruments, such as credit cards and loans. Having greater amounts of debt attached to one of these instruments means you’re paying higher interest rates as well; see if you can find some way to pay down your higher debts or at least move them to the instruments with lower debt. If your credit card company is able to raise your card limit, this can also give you some room to help your score.

Because a more favorable credit score can save you hundreds or even thousands of dollars on your mortgage in the long run, businesses have cropped up offering to provide credit repair services. Approach these businesses with caution…avoid any that charge a fee up-front or that tell you they have a sure-fire method. Check with your realtor or mortgage broker for help instead…since their goal is to help you get the mortgage you want, they’ll give you the information you need to improve your score.

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