Principles of financial planning and home ownership

Many existing homeowners, after purchasing their homes, found that the Federal Government suddenly changed the rules and negatively affected their financial picture! When the tax legislation was passed and enacted, enacted in late 2017, some homeowners, in roughly 20 states, realized they would likely have to pay more federal income taxes. Generally, this is known as SALT or state and local taxes. It limited the amount they could deduct, from income taxes, for these payments, up to a maximum of $ 10,000. In states and localities with higher taxes, the combination of state income taxes and estate taxes roots, significantly exceeded this cap! Where I live, on the north shore of Long Island, residents were generally severely and adversely affected. With that in mind, this article will briefly attempt to consider, examine, discuss and review various reasons, many believe, that it is unfair taxation.

1. Is it a coincidence that those most affected live in states that did not vote for this president? Most of the states, with the highest imposed costs, are the largest, providing, in general, the highest degree of public services, etc. Most of these are predominantly occupied by Democratic voters, and President Donald Trump lost in the election. Plus, these areas, in general, receive the lowest return on your federal taxes, paid! A middle class and / or upper middle class homeowner in the New York Metropolitan Area often found themselves paying much more because they lost many of their previous itemized deductions! Is it fair, for certain areas, to have to pay much of the rest of the area and receive even less for it?

two. Discuss with a professional accountant: If you don’t normally use an accountant to prepare and / or file your taxes, it may make sense to schedule a meeting, on a regular basis, to discuss whether you should use certain tax-related strategies. , plan or take specific steps to get the best and best benefits. The more you know and plan ahead, the better your situation will be.

3. Your real estate and financial goals: Your goals, regarding real estate and where to reside, should go hand in hand with your overall financial goals, priorities, and objectives! The wisest individuals, proceed, with a well-developed and properly considered general financial plan!

Are you prepared to make changes, if and when necessary, in a well-considered and timely manner? Ready to improve your overall financial picture?