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Apr15
Tax Day: Things You Should Know

Today is Tax Day. Are your ready?Today is Tax Day. Obviously. And there are, of course, some things that you should know about Tax Day:

  • You have until midnight to get your taxes sent off. Most post offices are open until at least then so that they can properly stamp your mail with today's date.
  • If you can't get your tax return sent off, you can file for an extension at www.irs.gov.
  • Your home mortgage offers some tax benefits. Have someone go over your taxes to make sure you getting them, as well as other tax deductions and credits.
  • If you don't file a tax return, you won't get your "economic stimulus" tax rebate. Even if you wouldn't normally file a tax return, you should this year.

image credit: sxc.hu



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Mortgage Related Deductions:

1. Interest paid. When you make mortgage payments, a large portion of that each month goes to interest, especially at the beginning of the home loan. You can deduct a portion of that mortgage interest on your tax form.
2. Mortgage points. Sometimes, you can pay points to get a reduction in the interest rate that you pay. In addition to mortgage interest being tax deductible, you can get some tax advantage for points.
3. Home improvement. When you take out a home equity loan, for home improvement or otherwise, you are getting a second mortgage. This can mean that the loans you take out to improve your home, as long as they are based on the equity in your home, may be tax deductible.
4. Mortgage tax credit. In addition to home mortgage tax deductions, there is a mortgage tax credit that you can use in some cases.

www.foreclosureslam.com

Thanks for these great tips on the tax breaks available, thanks to your home mortgage!

On Wednesday, October 14, 2008, Americans tuned in to the third and final U.S. Presidential Debate in Hempstead, New York. Senator Barack Obama of Illinois went into the debate with an eight-point lead, based on CNN’s compilation of national poll averages. It looked as though Obama was satisfied to sit on his lead, but Arizona Senator John McCain took full advantage of Obama’s contentment. McCain tested the strength and validity of Obama’s policies, judgment and qualities of character. Obama countered the challenge by pointing out the failures of the economic policies enacted by the Bush Administration over the past eight years. McCain argued that he is “not President Bush.” McCain stated that, if elected, he would sanction an “across the board spending freeze.” Obama’s position sounded more conservative because he intends to “go through the federal budget page by page, line by line” to allocate taxpayers’ money to the appropriate programs and to cut the programs that aren’t working as they should. Both presidential hopefuls think their economic plans will bring America the change it needs. However, their policies could eliminate consumer access to payday loans. Americans live in “the land of the free,” and special interest groups (i.e. banks and credit unions) shouldn’t be able to rob us of the freedoms that make this country as great as it is.Post Courtesy of Personal Money StoreProfessional Blogging TeamFeed Back: 1-866-641-3406Home: http://personalmoneystore.com/NoFaxPaydayLoans.htmlBlog: http://personalmoneystore.com/moneyb

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