The short answer to this question is: Probably Not. There are many reasons to buy a home but tax savings should not be one of them (at least for most of us).

We all know that we can write off mortgage interest when preparing our tax return but how much we can write off and how much of a reduction in taxes can be a bit more complicated to figure out.

Let's use the example of $10,000 in mortgage interest paid and you are in the 25% tax bracket. This means that only 25% of the $10,000 in mortgage interest paid will reduce your taxable income. $2500! That's it! You're going to pay $10,000 to not pay $2500...

The above example is only a reason to not purchase a home solely for the tax "benefit". If you have a growing family, substantial rent increases or other reasons to purchase a home all these things should be considered together when making your final decision.

Remember, always consult a tax professional when making large purchases that may affect your tax return.

I'd like to say this is a good news/bad news situation but I can't. It's really all bad news. If you haven't been receiving letters from the IRS or your state asking you to please file your tax return and/or telling you how much you owe, consider yourself lucky. But you'll still want to file your returns. There are many reasons people don't file their returns on time but once you decide to get it done, do it as quickly as possible.

First, there is a statute of limitations on claiming refunds. The IRS only allows a taxpayer to claim a refund for the 3 previous tax years. After that you're out of luck. And you will still be required to file your return.

Second, if you owe money the faster you file and pay the less penalties and interest you'll be assessed. If you are not able to pay in full you may be able to set up a payment plan. You'll still be charged interest but not penalties. Pay it off as quickly as possible.

Also, be prepared to pay for the tax prep. It won't be cheap to prepare multiple years at one time but it will be worth it. Don't be afraid to ask to make payments to your tax professional. They may be willing but they likely won't release any work product to you until payment has been received in full.