An article in the Star-Telegram highlights some great tax savings in store for taxpayers this year:
Property Tax deductions that allow homeowners to deduct state property taxes paid for 2008. For single filers, you can deduct up to an additional $500 and for joint filers you can deduct up to an additional $1000 on your Federal income tax refund. The amounts listed should be added to your standard deduction. Business property will not enjoy this tax deduction.
This is definitely good news for homeowners, many of whom are barely avoiding foreclosure . Many home values have declined while in some cases property taxes have increased. This phenomenon is hitting homeowners hard as many face job losses, battle foreclosure and consider bankruptcy to alleviate their financial difficulties. As the tax deadline approaches don’t forget to take advantage of this tax break if you’re a homeowner.