Folks, let me share there is a material difference between a “tax credit” & a “tax deduction” – so let me give the Kevin Martini break down because it is very simple.
A tax credit will lower your tax bill dollar for dollar whereas a tax deduction shaves money off your taxable income.
QUESTION: So how much does a tax deduction shave off?
ANSWER: it depends on what tax bracket you are in.
Now I am not an accountant or a tax attorney…now that that is out of the way…let us assume you are in a 25%tax bracket. A $2,000 tax deduction will lower your tax bill by $500 However if you have a tax credit of $2,000 – the credit WILL LOWER YOUR TAX BILL BY THE FULL $2,000, no matter what tax bracket you are in.
Did you there is a tax credit if you are buying a home in Raleigh & getting a mortgage for your new Raleigh home…or if you are buying a home in Cary & getting a mortgage for your new Cary home – well actually there is a tax credit if you are buying a home anywhere in North Carolina & getting a mortgage…now there are some restriction, like you have to be a first time home buyer (FTHB) & there are very realistic income limits that apply. And you thought the first time home buyer tax credit was gone - it is here & I can help you get it!
Toward that end, take a look @ my encore video that explains the Martini Mortgage Credit Certificate program in a little more detail & call my office @ 919.858.0023 so we can see how this may impact you.
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