The IRS Deductions Blog

Archive for December, 2009

Question: On your taxes, can you deduct charitable gifts even if you don’t itemize deductions?

and just take the standard deduction?

Answer: No, it’s either A or B.. Standard deduction or itemize.

Items on Amazon Right Now for Gift Tax Charitable Deduction:

December donations can bring tax break

Gift-giving season isn’t over.

Give the gift that keeps on giving – TurboTax

NOWADAYS, EVERYTHING can be repaired if broken, except relationships. These fragile bonds between friends, parents, elders, younger brothers and even sisters, wives and husbands are considered to be most precious knots in the world. They give us reasons to live. They protect, care and love us. If we get involved into a complex problem or trouble we are helped to walk through safely by them.
Therefore, keeping relationships secure and protected is a key to live happily. Keeping in mind the necessity to help out millions online, we are here to help mend family matters comfortably. We provide professional help to repair relationships. We have opened several family therapy help desks in Louisiana. and can be easily reached at Marriage Counselling in Louisiana.

Marriage Counseling in Louisiana is socially an advanced approach, organised to put down the burden of various issues leading you to complex problems. Our Lafayette Louisiana Counsellors are available online for you. You can receive family therapy, apart from the prominent service of marital counselling with us, keeping your family protected and happy.

We had many successes in dissolving couples issues, basing our ideology on three schools of thought, coupled with our highly trained social workers. Our licensed professional counsellor, social workers and therapists have performed their jobs remarkably well.

Louisiana licensed social workers have helped hundreds of perplexed souls. They have been healed and saved those on the verge of inner collapse. Their professional aid can be acquired anytime.

Therefore, stop worrying. Don’t take sleeping pills to avoid the critical situations in family. Call us or contact us online or even mail us. We are the legitimate people who could help you out. All the knottiest problems of your life could be handled masterfully. Come first and be served with distinction.

Items on Amazon Right Now for Hurricane Deductible Louisiana:

New year, new laws in effect for state

Twenty-one pieces of legislation became law at midnight. The new laws require insurance policies to better explain hurricane deductibles, consumers to pay a tax on prepaid phone cards and forbids the sale of “novelty” lighters.

Celebrate Me Home

Introduction of 80/20 Mortgages

80/20 home loans are ideal for persons who have no down payment but desire to have their own home, or even those who do not wish to use their savings for this purpose. Many companies do not offer 100 percent financing, but with a 80 20 loan, you can have two loans, one covering 80% of the loan and the other one covering what would have been the down payment or 20%.

How it is better than other home loans?

80 20 mortgages are better than other home loans because it doesn’t require any down payment. With other home loan options, you will be required to pay a substantial amount down to secure the loan. This can be extremely high depending on the value of the home to be purchased. Not only are you required to have this sum upfront, many times you might be required to pay mortgage insurance when the amount borrowed accounts for more than 80 % of the total value of the loan. When you mortgage 80 20, all you need to have saved is the closing costs and fees associated with the purchase, nothing more.

How we can save money with 80/20 Mortgage?

The first and obvious saving with an 80 20 mortgage loan is in the down payment. There is none, no need to spend your savings putting money down on your new home. Instead, have it for a rainy day to cover unexpected expenses. Secondly, with an 80 20 loans, you will not be required to pay private mortgage insurance (PMI), which while providing risk coverage for the lender can be a real expense for you, the borrower. There can also be some tax benefit associated with obtaining an 80 20 mortgage, be sure to see whether or not you qualify.

Advantages of 80/20 Mortgage

# Zero down home financing- No need to have lots of cash up front for the down payment

# No private mortgage insurance payments because you are not borrowing more than 80% of the loan from one lender

# Perfect for first time home buyers and newly weds

# Qualify for this type of loan more easily than a traditional mortgage loan

# Tax reductions are available on 80/20 mortgages

# Paying off your 20% loan early can reduce your overall monthly payments

# Interest rates on an 80/20 mortgage loan can be lower than taking a 100% home mortgage loan

Items on Amazon Right Now for Mortgage Interest Tax Deduction Maximum:

Charity deduction deadline approaching

Even though April 15 is still more than three months away taxpayers can’t wait much longer if they …

Home Mortgage Loan Interest Tax Deduction Information for 2009, 2010.mov

Question: Where is the best place to donate goods for tax deductible donations?

I am wanting to get rid of a lot of good clothes and unwanted household appliances. What is the amount I get for the items that I donate?

Answer: Good Will is a good place. There are numerous charities that will take stuff. The amt of deduction is a touchy thing with the IRS. It has to be what the item is worth now and not what you paid or it.

Items on Amazon Right Now for Tax Deductible Appliances:

Empty Stocking Fund: Help a neighbor in financial need

Get FREE Daily Headlines by email! Editor’s note: Today marks the end of our profiles on neighbors in need. Donations will continue to be accepted.

ICAN Junction

Question: Mortgage prepayment Penalty Tax Deductible?

I live in Houston, Texas and I am thinking about refinancing my house. If I do it now I have to pay a prepayment penalty that is equal to 6 months worth of interest payments. Would the penalty be tax deductible?

Answer: If you pay off your home mortgage early, you may have to pay a penalty. You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan

So if the prepayment meets the above qualification, then yes you could claim it as Mortgage Interest on the Schedule A

Publication 936

http://www.irs.gov/publications/p936/index.html

Items on Amazon Right Now for Mortgage Interest Points Deductible:

A Tax-Deduction Apple for Teachers

Teachers and other educators can deduct up to $250 that they spent last year to buy classroom supplies.

Jim Flaherty says no to mortgage interest being tax deductab