The Challenge: A young couple bought their first home but continued to take the standard deduction out of habit, completely missing the tax benefits of homeownership. The Moorhead Financials Solution: * We performed a Look-Back audit on their prior year’s return.
- We itemized their deductions, bundling their new mortgage interest, property taxes, and state income taxes, which far exceeded the standard deduction threshold. The Result: The amended return resulted in a $7,800 IRS tax refund, and we provided a withholding strategy to help them manage their monthly mortgage payments.