I am so happy. Even if I have to work this weekend, I feel free now that my taxes are done. It is like completing a huge homework assignment that has been hanging over your head. I put all my records on Quicken throughout the year, and then transfer them to Turbo tax, but it is still a chore.
Several of my clients have asked about tax tips for 2007 filers who are homeowners.
The mortgage insurance deduction has been extended for four years, through 2010. If you paid mortgage insurance premiums, you may be entitled to this deduction...the catch is that families with an adjusted gross income of more than $100,000 (try buying a house with less income in this valley!) are not entitled to the full deduction.
For those who were caught in the foreclosure trap, the federal debt relief bill keeps you from having to pay taxes on forgiven debt on their principal residence, from foreclosure, short sale or loan restructuring from 2007 to the end of 2009. The state is still working on an equivalent bill.
More tax pointers in tomorrow's post....
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