If you have a typical job, then most likely you are already enrolled in your company’s health care plan which entitles you to a full health coverage. The bulk cost of the premium is taken care by your employer while what you owe is simply taken out of your paycheck. But what if your company doesn’t offer health care benefit? Health insurance is not cheap and most people cannot afford to pay for it each month on their own. So unfortunately, many people decide to opt out of paying for health insurance and gamble their lives away.
The good news is that more and more affordable health care plans are becoming available to the public. The coverage of these plans may not be as complete as the ones provided by some of the company employers, but if you shop around for the right plan that suit your needs, it can be absolutely beneficial.
To find a good health insurance that matches your needs, you can look for a good Health Insurance Agent. The agent will look enter your information and will match you with a plan that meets your needs. What kind of health plan do you have? Are you satisfied?
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If you’re thinking of taking the plunge and buying a house, I have some good news for you. Did you know you could actually afford 10-15% more home than you originally thought? Isn’t that great? You see, mortgage interest is tax deductible. That means, when you file your taxes, you will receive one heck of a check from Uncle Sam come next spring.
That’s not all, you can actually take advantage of your tax deductible mortgage interest right away. You really don’t need to wait until the following year to receive your refund. By updating your W-4 withholding allowance, you can receive your future refund now by taking home more money from your paychecks by paying less income tax. I currently take home around $400 more from my paychecks every month by claiming more allowance.
So if you took this amount into consideration for your mortgage budget, you could afford 10-15% or even more than you originally thought. If your budget for a house is too low for your dream house, there’s still hope that you could still afford it.
To calculate how many allowances to use for your W-4, you can use IRS supplied Withholding Calculator to give you a better idea. Fill in the information as best as you can so you can accurately adjust your allowances. You don’t want to be in a situation where claiming too many allowances force you to owe too much taxes by the end of the year.
Last year, the average return per file was about $3,000. That means, the average filer could have adjusted their withholding allowance and received $250 more per month from their paychecks. That’s $250 per month you can add to your mortgage budget and afford a bigger home. If you already bought a house recently, you can update your allowance number now and start taking home fatter paychecks immediately.
Have the following items next to you when you use this calculator to help you input the numbers accurately:
- Have your most recent pay stubs handy.
- Have your most recent income tax return handy.
- Estimate values if necessary, remembering that the results can only be as accurate as the input you provide.
The total process should take less than 2 minutes of your time. So go ahead and figure out your withholding allowance number. The more allowances you claim on W-4, the less income tax will be withheld.
Question for Readers: Are you currently claiming high number of allowances? How much more money do you take home every month?
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