| December 2024 - TUCSON Newsletter |
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| | Tis’ the Season to be Jolly! |  | 
This year has been a whirlwind of change for our family. Our daughters have embarked on their college journeys, one at Colorado School of Mines, while the other transitioning from a brief stint at the University of Arizona to St. George's Veterinary School in Grenada, West Indies, starting in January. My husband has taken on a new role as Director of Business Development for a nanotechnology company. Meanwhile, our sweet dog Sadie has claimed every soft spot in the house! Amidst all this, I've adapted to the evolving real estate industry and discovered a new passion for Pickleball.
Wishing you all a joyous holiday season and a prosperous New Year. May 2025 bring love, health, and happiness to you and your family. Cheers, Diane
Year-end financial moves you may want to consider.
As 2024 comes to a close, it’s the perfect time for to make strategic financial moves to maximize savings and prepare for the coming year. Here are some year-end financial tips to consider:
Maximize Your Mortgage Interest Deduction
If you’re a homeowner with a mortgage, you likely know that the interest you pay on your home loan is tax-deductible. To maximize this benefit, consider making your January mortgage payment in December. This move can increase your mortgage interest deduction for 2024, potentially resulting in greater tax savings when you file your return. Be sure to speak with a tax advisor to see how this strategy fits into your overall financial plan.
Make an Extra Mortgage Payment
If your budget allows, consider making an extra principal payment on your mortgage to reduce your total interest costs and help you pay off your loan faster. Check with your lender to ensure the payment is applied directly to the principal and not toward future interest.
Consider Prepaying Property Taxes
Homeowners can often deduct property taxes on their tax returns. If your local government allows prepayment, consider paying your 2025 property taxes before the end of this year. This can increase your itemized deductions and reduce your taxable income. However, if you’re subject to the state and local tax (SALT) deduction cap, consult a tax advisor to determine if this strategy works for you.
Invest in Energy-Efficient Upgrades
Take advantage of federal tax credits for energy-saving home improvements. Upgrades like solar panels, efficient windows, or better insulation can lower utility bills and offer tax benefits. Complete these projects before year-end to reap the rewards sooner.
Assess Your Homeowners Insurance
Has your home increased in value, or have you made significant improvements this year? Make sure your insurance policy reflects these changes to avoid being underinsured. Additionally, compare rates from different providers to see if you can secure a better deal. With inflation affecting construction costs, confirm that your policy covers the full cost of rebuilding your home if necessary.
Review Your Maintenance and Repair Expenses
Did you complete any major home repairs or maintenance projects in 2024? From roof repairs to new HVAC systems, some of these expenses may qualify for tax deductions, especially if your property is a rental or part of a home office deduction. Organize and review all receipts and invoices now so you’re well-prepared come tax season.
Plan for Future Home Projects
The end of the year is an ideal time to map out your home improvement plans for 2025. Prioritize projects that enhance your home’s value or increase energy efficiency. Early planning can help you budget effectively and take advantage of seasonal sales on materials.
Taking proactive steps now can save you money and set you up for a successful 2025. From maximizing tax benefits to planning home upgrades, these moves can help safeguard and grow your home investment. If you have questions or need guidance, feel free to reach out – I’m here to assist! Here’s to a financially smart new year! |
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| Would you like to search for a new home or see how much your neighbors home is listed for? Click on the QR Code to start searching. You may also sign up on my website to receive notification of homes in specific areas that you are interested as they come on the market. Again, thank you for all your support and referrals throughout the years. My success is becuase of all of you. Diane
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