What Are the Biggest Tax Breaks You Can Take in 2020 and 2021?
Your goal as a taxpayer should be to pay the IRS as little money as possible. And thankfully, there are a host of tax breaks that allow you to achieve that goal -- legally, of course! Here are a few key opportunities you should know about for both the 2020 and 2021 tax year.
Being a homeowner has its benefits. If you itemize on your tax return and have a mortgage, you're eligible to deduct the interest you pay on a home loan of up to $750,000. For mortgages that were in place prior to Dec. 15, 2017, that threshold increases to $1 million.
The mortgage interest deduction can be particularly valuable during the early stages of your mortgage-payoff period, when more of your monthly payments go toward your loan's interest than its principal.
Source Fool.com
