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December 6th, 2008

Dolans: 11 Little-Known Tax Deductions

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Times are tough, money is tight and the holiday season is upon us once again. Believe it or not, it’s time to once again begin thinking about everyone’s other favorite time of the year — tax season. Now we know tax time is far from your favorite time of the year, but with the Dolan’s “11 Little-Known Tax Deductions,” you may be able to deduct far more than you ever thought, making tax-return time a kind of “second Christmas:”

Pleasure Trips: “You don’t have to spend your entire trip working, but if you can document that you actually made some business contacts or did a little research relevant to your business while you were away, you can enjoy some tax bennies from the trip.”

Private Mortgage Insurance (PMI): If you didn’t put a 20% down payment on your home, chances are you’re paying PMI. “Thanks to a new law passed earlier this year, however, you can now deduct these along with your mortgage interest.”

Working Two Jobs?: “…if you work two jobs, you can deduct the costs of commuting from one job to another. It’s considered a legitimate deductible business travel expense.”

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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