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Homeowners often save money at tax time

Tax time can bring big savings for homeowners.

Tax time can bring big savings for homeowners.

With the 2011 deadline for filing taxes less than a week away, the National Association of Realtors is reminding longtime property owners - as well as those will soon be moving into a new home - that the benefits of homeownership are made manifest especially around this time of year.

"Some of the financial advantages of homeownership are most apparent at tax time," said Ron Phipps, president of NAR. "As many of today's hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.

Phipps went on to say that it's wrong to believe tax incentives only favor the wealthy. He said there are numerous tax deduction and credits that homeowners can take advantage of, including ones for mortgage interest and captial gains on home sales as well as credits from energy-efficient home improvements.

In addition to these credits, NAR offers homeowners tips on how to save money with some simple energy-conservation tips to practice at home. For instance, contrary to popular belief, families actually save on energy when they use the dishwasher instead of washing dishes by hand after dinner.