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February 15th, 2009

The Dolan’s Tax Tips



Financial Experts Ken and Daria Dolan have a website that’s literally overflowing with priceless financial information for consumers. Since April 15 is growing closer, why not focus on some all-to-important tax information.

Common Tax Mistakes:

This year already, 15% of 2008 tax returns have been filed with incorrect information regarding last year’s stimulus checks:

There’s a line in your tax return (Line 70 for the 1040 form, Line 42 1040A Line 9 for the 1040EZ) that addresses the “recovery rebate credit.” Whatever you do, do NOT enter the amount of last year’s stimulus check there. If you do, it’ll knock your refund down (or will have you owing more taxes than you need to)!

Instead, use the worksheet (which is WAY too long at 29 lines) or a recently updated tax software program to determine how much to put in that recovery rebate line.  (For most of you, we’re sorry to say, that amount will be zero.)

Click here to read the Dolan’s free report on “14 Powerful New Tax Changes.”

11 Little Known Tax Deductions:

For those of you out there that recently purchased a home with less than 20% down, did you know your private mortgage insurance (PMI) is tax deductible?

Until recently, PMI payments were NOT tax-deductible for the homeowner. Thanks to a new law passed earlier this year, however, you can now deduct these along with your mortgage interest.

The new deduction is good from now until 2010, but only applies to mortgages issued after 12/31/06. Also, the full deduction is limited to homeowners making $100,000 or less. (For those earning $100,000 to $109,000, a partial deduction is allowed.)

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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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