Income Tax Monthly Calculator
February 15th, 2009
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Question: First time home buyer: how to get interest payments back monthly instead of once a year?
Hello:
Just about to buy my first home which is very exciting!
Since I’ll be be paying close to $3,000 in interest/$1,000 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!
Answer: 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.
3 Ways to Shed Credit Card Debt in Old Age
There are few options for lowering credit card debt on a fixed income, but these might help.
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