Tax can be a very complicated financial aspect to understand. If you are planning to buy your first home, the downpayment is one of the major expenses to be borne that can be charged at 3% of the total purchase price on an average. The mortgage taken will include components like interest payments, closing costs, and other fees and charges as applicable to the transaction. Tax is applicable on multiple of these components and associated transactions.
To ease this financial burden, there are a number of tax breaks you can take advantage of. Here is a must know the list of every first time home buyer.
- Interest Deduction
Interest charged on the mortgage is one of the tax benefits you can avail. The benefit is even more substantial for first time home buyers and loan borrowers as the interest rate charged will be steeper in the initial years of borrowing. The tax credit can be availed for interest paid on loans of up to $1 million or $500,000 depending on the type of income tax return filed. - Mortgage interest credit
While the mortgage interest deduction reduces your taxable income, the mortgage interest credit allows for another tax break opportunity for first time home buyers. Applicants can get back up to 20% or 30% of the interest paid on the amount borrowed as a straight tax credit. - Points Deduction
Mortgage points allow the loan borrower to apply for a low-interest rate that qualifies for a tax deduction as well. The points can be bought to lower the interest rate significantly making it one of the popular tax breaks to be availed by first time home buyers. - IRA (Individual Retirement Account) withdrawals
Withdrawals can also be made from retirement accounts to meet payments for the new home. Up to $10,000 can be withdrawn from your IRA account without any penalty applicable. - Property tax deduction
Property taxes paid on any type of real estate are also eligible for tax breaks, especially beneficial for first time property buyers. - Home improvement
Home equity loans taken to secure the capital expenditure incurred for home improvements can also lower the taxes accrued on your taxable income.
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The ultimate guide to buying the best-ever murphy beds
Read moreMurphy beds are such ingenious household components that require no special introduction. They are highly sought after for making any living area with space constraints much more livable. If you have been wanting to buy the most suitable murphy bed, here are a few things to consider which would make your buy cost effective and impressive.
Lifting mechanism
One of the most significant features of Murphy beds that distinguish them from other options is the lifting mechanism. Here you will get two standard options including:Piston lift mechanism: This type of lifting mechanism make the lifts as quiet as a whisper and while they are considered the most durable, you may even get lifetime warranties.
Spring lift mechanism: The major difference between the two options is that this one is a bit noisier. Some of them may even require a bit tightening after a few months or so. In any case, either of the options is highly comfortable and easy to handle.
Horizontal or vertical murphy beds
When Murphy beds were originally created, they came in vertical styles. But things have changed subsequently since then. Today, you can get plenty of options, which open horizontally. The vertical beds are very effective for rooms with high ceilings along with optimum floor space for accommodating the bed when it is opened. On the other hand, the horizontal patterns are perfect for the tight spaces in rooms with low ceilings, such as a room in the attic.Free-standing murphy bed
This type of Murphy bed is ideal for tenants or for people who are staying somewhere temporarily. This is because these beds do not require any fastening or mounting to the walls or the floors. You will also get Murphy beds, which can transform from a table desk to a bed.Built-in Murphy bed
The built-in Murphy beds can be concealed behind the walls as well as at the back of wardrobes and other furniture. Unlike the free-standing Murphy beds, these are permanent fixtures and they can’t be moved as per your changing needs.Revolving wall murphy bed
Even though most murphy beds tend to unfurl from a cabinet, there are also twirl murphy beds, which can be concealed behind a rotating furniture. Moreover, there are bunk beds-cum-murphy beds in which you can accommodate your kids. Plus, if you have pets in your home and you don’t want to invest in separate beds for them, you always have the option to invest in a good quality doggie murphy bed.These tips would definitely help you choose the best murphy beds, which would continue to serve you for years. No matter whether you are trying to create an open space or add a funky style, there is a Murphy bed to assist you. You will simply have to understand your needs, preferences and the overall decor of your home.
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How is pricing done in the case of boxer puppies sale?
Read moreBefore boxer puppies are put up for sale, their pricing is done depending on a wide range of factors. Here are some of the factors on which the pricing depends.
- Health testing
Several health tests are performed before a puppy is delivered to you. You will see that it is always mentioned in the site on buying the puppy. Health tests are not only done before the breeding of a bitch, but sometimes on a stud dog too.
- Progesterone testing
Before breeding a bitch, the progesterone levels are tested and thus the date of ovulation is known. By this method, the rates of success of breeding increase sharply. The whelping date is also narrowed down by this process.
- Brucellosis test
Brucellosis is a condition in which the bitches become sterile and can face abortion. So every time before breeding, the bitches are examined.
- Pregnancy Confirmation
An ultrasound test is performed to confirm the pregnancy of a bitch. An adequate preparation of whelping can be done by this process. Also the health of the pregnant bitch is ensured by all means.
- Frozen Plasma
New born puppies are treated with frozen plasma, and some of it is kept in store in case the puppy requires some more of a boost. For fresh plasma, it needs to ship in one night and once received, it will stay good for six months and not more. So you can conclude that a separate order of frozen plasma is required for each litter.
- Supplements
In-whelp bitches are given special supplements and food to ensure their health. They are also given homeopathic medicines. All this is necessary for trouble-free whelping and strong puppies.
- Increased food for pregnant bitches
During the last days of pregnancy, the bitch is given more food. Even during the first 3 or 4 weeks after the puppies are born and the bitch undergoes lactation period, the food is increased. This increased amount is approximately four times the original amount of food of the bitch. Sometimes goat’s milk is also given as it gives an added nutritive value. But this again increases the cost.
- Food for puppies
At about three weeks of age, the puppies are given solid food to eat. As they are gradually weaned by the bitch, the quantity of their food is increased. The more the puppies are with the sellers, the more is the cost.
- Puppy packet
The puppy packet is something that goes home with every puppy. It contains all the results of various tests that have been performed on the parents, temperament test results, leash, poop bags, collar, diet sheet, training information, and so many other things.
The things on which the pricing of boxer puppies sale are not based are their gender, nationality, markings, or color.
- Health testing