The article discusses the financial pressures faced by a couple in a modest townhome, particularly during tax season. It emphasizes the relief that homeowners can find in leveraging mortgage-related tax deductions. The author outlines the differentiation between standard and itemized deductions, noting the significant increase in standard deductions since the Tax Cuts and Jobs Act. With various expenses, including HOA fees and family costs, the knowledge of potential tax breaks can help alleviate some financial stress.
If the standard deduction seems high-it is! It nearly doubled as a result of the Tax Cuts and Jobs Act.
But with HOA dues, unexpected home repairs, car fixes, as well as the cost of two kids (and another on the way), I'm dedicated to clipping coupons.
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