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Mercury Insurance Offers Homeowners Recommendations on Tax Deductions That Could Save You Thousands
One of the most difficult parts of preparing your taxes is gathering all of the paperwork. If you own your home, that task is multiplied and even more important; one overlooked deduction can cost you thousands. With April 15 just around the corner, Mercury Insurance is providing a checklist so you are prepared when you sit down to do taxes or review with your CPA.
About this update from Mercury General Corporation
[{"type":"text","content":"Make a Checklist to Review with Your Tax Preparer","length":49,"tagName":"p","attribs":{}},{"type":"text","content":"LOS ANGELES, April 3, 2025 /PRNewswire/ -- One of the most difficult parts of preparing your taxes is gathering all of the paperwork. If you own your home, that task is multiplied and even more important; one overlooked deduction can cost you thousands. With April 15 just around the corner, Mercury Insurance is providing a checklist so you are prepared when you sit down to do taxes or review with your CPA.","length":409,"tagName":"p"},{"type":"text","content":"Most of us are accustomed to deducting our mortgage insurance, but with more people now working from home, it becomes even more important to make sure you are including all aspects related to that space. That might include everything from investment in energy saving upgrades like energy efficient windows, to your cell phone and computer equipment. Missing these items can cost you a great deal of money in the long run.","length":421,"tagName":"p"},{"type":"text","content":""Mercury recommends that all homeowners set aside time to review homeowners deductions with your CPA or accountant," said Adam Bakonis, Sr. Product Manager for Mercury Insurance. "Missed deductions can wind up costing you thousands of dollars."","length":264,"tagName":"p"},{"type":"text","content":"Here are some of the most common deductions for homeowners:","length":59,"tagName":"p"},{"type":"text","content":"Mortgage interest – The interest you pay on your mortgage is deductible up to $750,000 as a single filer or as a married couple filing jointly. The only exception is if the mortgage was not to buy, build or improve your home.","length":230,"tagName":"p"},{"type":"text","content":"Property taxes – Your property taxes are deductible up to $10,000 as a married couple filing jointly or $5,000 if you are single or filing separately.","length":150,"tagName":"p"},{"type":"text","content":"Home office expenses – With working from home more common than ever, you may be able to deduct some of the expenses necessary to operate an office space. Check with your tax professional to validate requirements, including determining how much time you need to spend working from your dedicated home workspace(s).","length":313,"tagName":"p"},{"type":"text","content":"Energy credits –...