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I sat down last night and compared last year to this year. 2017 I prepaid my property taxes and in 2018 we made 6k more.The pre payment was a one time deal of course since it was the last year and I wanted to maximize the refund when I had the chance. I added the taxes I saved by pre paying taxes in 2017 and then added the taxes on the 6k I made in 18 to my 17 return. I wanted to see in 2017 on the old plan with my normal deductions and my increased salary in 18 what would the results would be compared to my 18 return. Now my 17 and 18 returns have the same income amounts. Married with 1 kid. In 2018 I actually paid $322 less in federal taxes.
I sat down last night and compared last year to this year. 2017 I prepaid my property taxes and in 2018 we made 6k more.The pre payment was a one time deal of course since it was the last year and I wanted to maximize the refund when I had the chance. I added the taxes I saved by pre paying taxes in 2017 and then added the taxes on the 6k I made in 18 to my 17 return. I wanted to see in 2017 on the old plan with my normal deductions and my increased salary in 18 what would the results would be compared to my 18 return. Now my 17 and 18 returns have the same income amounts. Married with 1 kid. In 2018 I actually paid $322 less in federal taxes.
I am just curious why you don't have your taxes included in your mortgage. Is there a savings or an advantage to doing that?
I am just curious why you don't have your taxes included in your mortgage. Is there a savings or an advantage to doing that?
I refused to escrow! No reason to give the lender 10k interest free for 15-20 years. I invested the would be escrow money. My money should be making me money not sitting in a escrow account making $4 a year. We are fiscally responsible and I have a separate bank account that we deposit money every month for taxes and insurance. No cost savings by not escrowing,but it would cost me money. I invested that money into 2 stocks and they have almost tripled in 4 years.
I refused to escrow! No reason to give the lender 10k interest free for 15-20 years. I invested the would be escrow money. My money should be making me money not sitting in a escrow account making $4 a year. We are fiscally responsible and I have a separate bank account that we deposit money every month for taxes and insurance. No cost savings by not escrowing,but it would cost me money. I invested that money into 2 stocks and they have almost tripled in 4 years.
ok I see.
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