As a homeowner, your tax savings benefit is generally realized when you file your federal income tax return after your money has been spent for the monthly interest and property taxes in your house payment. Some homeowners look forward to the refund as a means of forced savings but some people need to realize the savings during the year.
However, it is possible to adjust the deductions being withheld from the your salary so you can realize the benefit of the savings prior to filing their tax returns in the form of more money in their pay checks. You can talk to your Human Resources or Payroll Department about increasing your deductions stated on your W-4 form.
By increasing your exemptions or deductions, less is taken out of the payroll check and you will receive more take home pay for each pay period. If you over-estimate their exemptions and therefore, underpay ur income tax, you might incur interest and would have additional tax to pay when you filed your tax return for the next year.
Before considering this strategy should seek tax advice and visit with your Human Resources or Payroll Department department at work. They have a formula that adjusts your deductions to the proper levels.
Additional information is available on the Internal Revenue Service website about Completing Form w-4 and Worksheets.