This Our Mortgage Deduction Calculator Page...
Where we attempt to give you the top resources about Mortgage Deduction Calculator available on the net.
Recent Mortgage Deduction Calculator News
mortgage deduction calculator
Select One 401K Retirement Income Adjustable Rate Mortgage Calculator Are My Current Retirement Savings Sufficient? Becoming A Millionaire Convert My Hourly Wage To An Equivalent Annual Salary Convert My Salary To An Equivalent Hourly Wage Credit ...
Read more
Mortgage Calculator - FoxBusiness.com
The tax code is still not your friend, but it does offer breaks that might ease the sting of hard times. Buying a home. The economic crisis has spurred Congress to add to the already favorable tax treatment given to homes. Home buyers who haven't ...
Read more
7 Ways Hard Times Can Cut Your Taxes - US News and World Report
With Porter County’s 2008 property taxes still in a state of uncertainty, one might not find anything positive about yet another year of delayed tax bills. But for many homeowners, there is something to celebrate, at least for the time being. Most ...
Read more
Why Porter County's upcoming tax bills are a cause for celebration - Chesterton Tribune
Sorry, this won't sound the least bit festive. But amid the holiday merriment, take a few seasonal moments to contemplate that most unseasonal of topics: taxes. Although it sounds about as appetizing as stale eggnog right now, it could pay off next ...
Read more
Get your 2008 taxes in shape - Biloxi Sun Herald
Sorry, this won't sound the least bit festive. But amid the holiday merriment, take a few seasonal moments to contemplate that most unseasonal of topics: taxes. Although it sounds about as appetizing as stale eggnog right now, it could pay off next ...
Read more
Personal Finance: Get your 2008 taxes in shape - Sacramento Bee
NEW YORK — Heading into the holidays it's likely that you're going to be thinking a lot about money. And this time of year tax advisers like to remind us that there are ways to minimize our tax bill next April. But with an economic downturn in full ...
Read more
End-of-year tax planning has election twist - Charleston Post & Courier
Suddenly, the traditional wisdom of putting aside cash for an emergency seems more important than ever. With economic storm clouds brewing, it makes sense to have three to six months' worth of living expenses -- even more if you can manage it ...
Read more
Need cash? Here's where to find it fast - WTVF
Read more
Relevant Mortgage Deduction Calculator Links
|
Have some FUN!
Best free internet site with funny VIDEOS, And HOT GIRLS! What your boss doesn't know can't hurt right?
heavy.com
|
Mortgage Deduction Calculator Questions and Answers
Voting Question: AMT and Mortgage Interest Deduction?
Does the AMT reduce your ability to claim the Mortgage Interest Deduction for a second home? If so, at what income level does it start, and how does it increase as income level increases? Any information and web links leading to useful AMT and mortgage calculators are greatly appreciated.
moreResolved Question: Planning for 2008 Taxes- Cash Donations to Not For Profits & Other Deductions?
I got nailed on my '07 taxes, was expecting a big return and ended up owing...
Part 1: In the past I have supported a number of not-for-profits. I'm looking for guidance or resources which will allow me to calculate the maximum cash amount I should donate to charity while still realizing maximum tax savings. Is there a handy calculator somewhere on the web for this? Somehow I assume its more complex than that...
Part 2: I'm already putting 8% in a 401k and contributing to an FSA. I bought a house a few years ago but I really can't afford to live a comfortable lifestyle and support all of the bills too, and good luck selling a house at a decent price in this market! The good thing is that I do deduct mortgage interest and make a tiny piece of profit.
Any other suggestions to LEGALLY reduce my tax burden?
Sheesh.. I'm not even rich for god's sake.
moreResolved Question: Can my dad expect a tax refund on Social Security/disability?
My dad had a stroke 2 years ago and finally got approved for disability last year. Now that it's tax time, should he anticipate a refund when he files? No tax was withheld from his Social Security benefits, so it seems obvious he won't get a refund. But the IRS calculator ("should I file a return?") still indicates that he should file a return.
What about things like mortgage interest paid on his home, and his out of pocket medical costs--are they simply deductions he could take if he had paid taxes?
Thanks in advance...
moreResolved Question: Real cost of mortgage loan calculator?
My parents are considering refinancing to a fixed rate mortgate. I need software that can take in the following info: quoted rate, initial fees including mortgate points, loan amount, loan period, tax deductions on mortgate interest. The software needs to output the following. Total payments minus tax break plotted against time.
If there is no such software, a webpage with step by step instructions to do the calculation would be helpful.
moreResolved Question: CyberProblem?
Cyberproblem: Prepayment vs. Investment Analysis.
In managing one's own finances, as well as those of a business, there are numerous decision situations where applications of "Time Value of Money" (TVM) concepts and methods help one assess the financial consequences of alternative courses of action. One such situation is the decision to prepay part or all of one's mortgage or loan balance by making extra periodic principal payments. As one makes extra principal payments, the loan balance is reduced faster. This means you pay less interest over the life of the loan and the loan will be repaid earlier (i.e. fewer payments). For example, a person might decide to pay $50.00 per month extra (i.e. if their mortgage payment was $900 per month, they might pay $950 each month, $50 extra) on a mortgage loan. The extra payment of $50 would be applied each month to reduce the principal balance. However, there are important factors to consider before making this decision. For example, if the mortgage loan is on the person's primary residence, the interest on the loan may be tax deductible. This reduces the net, after-tax cost of the loan.
To consider the financial consequences of this decision, you can search the Internet for free financial calculators, including some that will assist with a prepayment versus investment scenario analysis. Before using a Web site, you will need to amortize the loan you will use as input data for the analysis.
Suppose you purchase a home for $150,000 and obtain a 90% mortgage loan, 30-year maturity, at a fixed annual interest rate of 8.0%, with deferred monthly payments. What is the monthly payment for principal and interest (P&I) on this loan?
The loan amount is $150,000 x 0.90 = $135,000 The calculator keystrokes follow. PV = - $135,000; N = 360 (30yrs x 12 per year); I = 8.0%/12 = 0.6667; FV = 0 (the loan will be paid off at maturity); SOLVE for PMT = $990.62 Note: If you enter the interest rate at 0.6667% per month you get the payment above. If you carry full precision on your calculator, the PMT = $990.62.
The data you will need for the prepayment scenario include the following.
Loan Balance: $135000
Current Payment: $990.62
Additional Payment: $50.00
Loan Interest Rate: 8.0%
Loan Interest Deductibility: YES
Investment Rate Return: 6.00%*
Tax Bracket: 30.00%
Investment Type: After-Tax
*The Investment rate return is your opportunity cost estimate. It is the annual rate you think you can earn on the $50 extra principal payment if you did not make extra principal payments on your mortgage but instead, invested it.
Now visit the website http://www.mortgage-calc.com/mortgage/index.html, and select Prepayment vs. Investment.
a.After 12 months of making extra payments, what will be the loan balance?
b.After 12 months of making the regular payment and investing the $50, what will be the loan balance?
c.Under the regular payment and investing option, excluding the tax due on the interest earned, what is the investment balance after 12 months?
d.Compare the scenarios of investment versus prepayment by examining the 60th payment, which occurs at the end of the fifth year. What is the difference between the (a) interest portion of that payment, (b) tax deduction for interest, and (c) principal balance? Finally, how much is in the investment account?
e.(a) How long does it take to repay the entire loan under the prepayment option? (b) What is the total interest paid over the life of the loan?
f.Compare the total interest paid under each scenario? How much less in interest do you pay under the prepayment option?
g.If you make an extra $50.00 principal payment per month, what are the opportunity cost considerations?
h.What are the relevant cash flows to consider in this decision? For example, do you consider the tax implications and if so, then how?
i.Do you go out to lunch too often? Go to this site http://marketplacemoney.publicradio.org/toolbox/calculators/LunchSaver.htmland use the Lunch Savings Calculator to see how much money you can save by not going out to lunch. If this site does not function for you, search the Internet for a similar calculator. Suppose you usually spend $6.00 a day when you go out to lunch, when bringing your lunch to school/work would only cost you about $2.00 a day. Since there are approximately 20 weekdays in a month, enter that value for the days eaten per month. How much money would you save after 15 years if you could earn a 10% yield on the money you save? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor.
j.Suppose your investment account earns an average annual return of 9%, and the average rate of inflation is 3%. Go to this site http://www.nwcu.com/Web_Tools_and_Links/Calculators/Reitrement_Planner/ and use the Save a Million Calculator to see how long it would take to have a million dollars. State your answer in total years. Imagine that you started with an initial investment of $20,000 and made monthly $150 contributions (assume that your deposits are inflated at the average rate of inflation)? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor.
*Adapted from:
Brigham, E. F. & Houston, J. F. Chapter 6 Cyberproblem: Prepayment vs. Investment Analysis in Fundamentals of financial management (10th ed.). Retrieved March 10, 2006, from http://www.swlearning.com/finance/brigham/ffm10e/ffm10e.html
moreResolved Question: Why do I owe so much tax this year?
Last year, I earned $36k with one exemption (me), while my wife earned about $30k with one exemption (her). Married filing jointly landed us a tax bill of $1146 in addition to the $5300+ we paid throughout the year in payroll deductions.
We both reduced our exemptions to zero. I earned $41k this year, she earned $39k. I ran the TurboTax return calculator, and again it says we will owe over a thousand dollars, after paying $6800 in federal income deductions.
Is this the marriage penalty? We don't have kids and can't yet afford a mortgage due to student loan debt and various bonehead credit card balances from the past. I did pay $1800 in student loan interest, but that doesn't seem to make a dent.
What are we doing wrong? How can we owe so much in taxes? We claim zero exemptions, the only thing left for us to do is pay EXTRA each paycheck. That doesn't seem right.
We have only lived in Washington state, there does not appear to be a renters credit available for us, nor is head of household an option.
We also both put 10% of our income into our employers' 401k programs, which helps reduce our taxable income some, but not enough.
moreResolved Question: Approx how much should I set aside for TAXES if it is not coming out of my pay?
I will be making approx 90K a year. My dilemma is that I would like to know approx how much taxes I will be expected to pay (both federal and state). I live in MA where there is a 5% income tax. I have the maximum allowable deduction for school loan interest ($2500), and I will be filing jointly with my husband. I will be paying my own (and my husbands health insurance) approx $8500 a year for both of us. My work related expensive are about $4000 a year. My husband usually owes about 11K on his own of taxes after deductions (he is a partner in an LLC) a. We have no dependants. And cannot claim our mortgage interest/payment (another story!). I have some other small deductions but nothing too significant. What @ will I owe. I found an online irs fed tax calculator and added that number to my 5% state tax and got approx 9000+4500=13500. I feel like this is way to low and that I must be doing something wrong since my husband isn't paying much less making 45K. Help!
PS I am a contractor which is why this pay isn't taken out by my employer. As for the mortgage issue we legally do not own our condo. Our parents "bought" the place because we don't have enough earning history (since I am just out of school). We pay the mortgage, but they are paying the taxes and taking the deductions for it until we get enough credit history to officially take over the mortgage at a decent rate
moreResolved Question: How would I determine if it is better to pay off my mortgage, or keep it and claim the deduction? Calculator?
Is there a calculator for this on the net?
moreResolved Question: Mortgage calculator which includes mortgage deduction?
I'm looking for a decent mortgage calculator which factors in the mortgage deduction. Basically my goal is to be able to forecast my monthly payment as accurately as possible. Thanks!
more