A few weeks ago we did a video all about debt and which debt to focus on paying first. If you missed it, be sure to check it out and then come back here for this one! In that video, we talked about how sometimes the loans/debt you should focus on paying off first might depend on whether or not the interest on the debt in question is tax deductible.
If the interest IS tax deductible, you know you can write it off later, so you might want to focus on some of your other debts first.
Okay, that makes sense… But, what kinds of debt have interest that is tax deductible? That’s really the golden question here.
Many people don’t know the answer to that. Therefore, many people are missing out on tax deductions because they simply don’t know the opportunity is there. In some situations, there are even a few extra steps you need to take. Things you have to do to show you’re paying back a loan and the interest you’re paying on it in order to claim a tax deduction.
If you’re unaware of your options, it can be hard to know which debt/loans need your attention first. On top of that, you could be missing out on some potential tax breaks without even realizing it!
That’s where this week’s video comes into play.
In this video, we talk about about a few instances in which your interest may be tax deductible, meaning these loans might not need to be at the forefront of your payback plan. Be sure to like the video and subscribe to our channel if you enjoy!
Categories: Teaching Riley VideosVideos
