From the category archives:

Money

10 overlooked tax breaks

by Andre on January 31, 2012

For many taxpayers, sorting through receipts, bank statements, and compensation details counts as a major victory during tax season. But other, even more satisfying victories are within reach for those who claim the right tax breaks.   1. Additional charitable gifts Beyond the money you give to your favorite charities, you also can deduct the [...]

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O’Malley would like to change the mortgae interest deduction

by Andre on January 30, 2012

An overlooked feature in Maryland Gov. O’Malleys proposed budget would change the tax benefit homeowners currently receive. According to the Maryland Association of Realtors, “Under the Governor’s proposed Budget Reconciliation and Financing Act of 2012 (BRFA, HB 87/SB 152), Maryland would be the first state  to scale back the most important tax benefit that homeowners [...]

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2011 tax caster

by Andre on January 26, 2012

It’s never too early to get started on your taxes. I put the 2011 tax caster on the navigation menu for you to take a look at. Have a great day. Tweet This Post

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Watch your property taxes go up

January 19, 2012 Current News

If the governor gets his way with shifting the cost of the teaches pension to the counties. The main way for the counties to raise money is to raise property taxes. Some people are wondering if the property values have gone down. How could your property taxes go up.?That is what will probably happen. There [...]

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Mortgage insurance tax deduction if officaly gone.

January 17, 2012 Existing Homebuyer

Though its demise drew little attention because of the partisan year-end brawl over the payroll tax cut extension in Congress, a key mortgage financing benefit disappeared at the end of December: the ability of large numbers of home buyers and owners to write off the premiums they pay for mortgage insurance. The loss of that [...]

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The MI tax deduction is on the chopping block

January 11, 2012 1st Time Homebuyer

Unless Congress changes the tax rules this year, mortgage insurance could become both more expensive and less desirable, something that would hurt the housing market nationwide. Under current tax rules, the cost for mortgage insurance–whether it is through the FHA or through the private sector–is deductible to homeowners. For instance, if you pay $1,500 in [...]

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Government Math a payroll tax extension= higher mortgage fees

January 9, 2012 Fannie Mae

It’s about the December 2011 Payroll Tax Extension program that passed into law. The government voted to finance the tax break’s $33 billion price tag via fees collected on new mortgages. If your next mortgage is either conventional or FHA, therefore, be prepared for new, mandatory loan fees. For Fannie Mae and Freddie Mac conventional [...]

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Homeowners insurance rates to rise in 2012

January 4, 2012 Money

Originally found at USA Today Homeowners insurance premiums are starting to rise after tornadoes, hail, winds and lightning slammed U.S. insurance companies’ balance sheets throughout 2011. Storms along the East Coast, tornadoes in the Southeast and in Joplin, Mo., and earthquakes in Japan and New Zealand wreaked havoc on insurance company finances, especially firms that [...]

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A way to claim $500,000 tax break if spouse dies and you sell your house.

January 3, 2012 Money

This isn’t the most fun topic to start out the New Year to talk about, but if it can save you $250,000 it’s worth it.   Under the current tax code if a single person sells their home they can only exclude $250,000 in profits from the sale of their home but what if your [...]

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Last minute tax tips for 2011

December 19, 2011 Money

Are you still looking for ways to cut your 2011 tax bill? Here are 10 tax-saving deals for last-minute shoppers. 1. Buy a personal vehicle. For 2011, you can choose to deduct either the state income tax or the state sales tax you’ve paid this year. If you buy a new vehicle in late December [...]

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