Hello:
Just about to buy my first home which is very exciting!
Since I’ll be be paying close to ,000 in interest/,000 in real estate taxes a month and I would like to keep my monthly income as high as possible I would like to tweak the W-4 withholding allowance so less taxes are being withheld. There are a number of calculators on the internet, but none of them seem to be applicable specially for mortgage interest (and real estate taxes).
How can I go about this?
Thanks!
see your personal director where you work and fill out a new W-4 withholding form. There is a worksheet to help you figure out how much to withhold.
If I remember, each one is worth $25 less withheld and you can claim up to 99. However, remember, if you underestimate your tax withholding, the IRS can fine you.
You should consult a tax pro to help you out. They will have all your figures and can best advise you.
Mark you really need a tax advisor or accountant to take into account your whole financial picture. I wouldn’t reveal much of anything on this venue. And don’t click on links provided.