The Sewing Mom

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

It’s that time of year again, the dreaded tax time! I don’t know about you, but we’ve been looking at all types of ways we can save money, particularly over the past year as we’ve watch the economy take a nose dive and drag our retirement funds right down with it. Thankfully my husband has been able to keep his job, while I did suffer a 2 month layoff, at least I was rehired. Next week I am actually even getting a promotion and a very small increase in salary! While we’ve made it our job to find ways to save money, it is my own personal New Year’s resolution to pay off debt as much as I can, and that includes our mortgage.

Looking at our mortgage and ways we can either save or get it paid off quicker, brings me back to tax time. I learned early on in my life that it’s important to plan ahead for taxes in order to take advantage of certain tax breaks. In fact, one particular tax credit available right now to current homeowners is the 2010 Homebuyer Tax Credits. This federal tax credit is not only for first time homebuyers, but many current home owners who are thinking about moving up qualify if they’ve lived in their current home for 5 out of the last 8 years. Unfortunately, we’ve only been in our current home for 3 years so we can’t take advantage of this, but I know many people who can. If you’re even thinking about it, keep in mind that you must have a binding contract dated no later than April 30, 2010 and there are income limits that must be considered as well.

For more information on the 2010 Homebuyer Tax Credits you may be interested in viewing this video.