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tax planning: April 15 Is 1 Week Away And 27 Million Taxpayers Have Yet To File. If You're One Of Them, Here Are Some Tax Tips - 04/08/09 09:43 AM

There are 138 million taxpayers in the United States and, according to the IRS, 20 percent of them file their taxes within 7 days of April 15.  In a holiday-shortened week, that means that 27 million people had better get a move on.
And while a portion of this year's last-minute filers will file with storefront operations like Liberty Tax Service or H&R Block, many others will self-prepare with the help of tax software from TurboTax or TaxCut.
If you're a member of the do-it-yourself crowd, consider taking a review of this year's tax law changes before starting your returns.  The stimulus package … (0 comments)

tax planning: How to Squeeze Extra Tax Deductions from Your Mortgage In 2007 - 12/18/07 04:55 PM
For most Americans (but not all), mortgage interest is tax-deductible in the year in which it was paid.
With some advance planning, therefore, a homeowner can increase his 2007 tax deductions by paying additional mortgage interest while the calendar still reads 2007. 
The key is to make the mortgage payment due January 2008 a few days early.
Because mortgage interest is paid in arrears, a mortgage payment due January 1, 2008 accounts for interest that accumulated throughout December 2007. 
Rather than make January's mortgage payment on January 1, 2008, a homeowner can send payment this week or next -- … (1 comments)

tax planning: Just Because You Can Borrow From a 401(k) Plan Doesn't Mean You Should - 10/19/07 09:15 AM
According to the Wall Street Journal, the number of Americans taking loans against their 401(k) plans is increasing because most plans allow participants to borrow funds to purchase a home or to avoid foreclosure.
But just because the avenue is there, though, doesn't mean that borrowing from a 401(k) is a good idea. 
Here's why: When you put money into a 401(k) plan, you use pre-tax dollars but when you repay a 401(k) loan, you use post-tax dollars. 
Therefore, if your tax rate is 28%, it takes $1,388 of income to repay each $1,000 increment of your loan.  Then, when you … (9 comments)

tax planning: Why Private Mortgage Insurance (PMI) Is Suddenly Popular - 08/22/07 09:02 AM
 
Suddenly, Private Mortgage Insurance is back in vogue.  If only by default. 
The story background is well-documented in this Bankrate.com article from 2002.  The article is five years old, but it still raises some salient points.
What the article doesn't highlight is that second mortgages such as home equity loans are typically sold to Wall Street, bundled in with sub-prime and "near-prime" loans. 
Today, as the number of buyers for these higher-risk loan pools shrinks, some mortgage lenders have stopped offering second mortgages in order to reduce their overall lending risk.
PMI payments tend to be higher than their piggyback … (10 comments)

 

Ilyce N. Powell, CMPS™ - Certified Mortgage Planning Specialist

Baltimore, MD

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AmeriSave Mortgage Corp./ United First Financial

Address: Lending in All 50 States + DC, Eliminating Debt and Building Wealth in United States and Canada

Office Phone: (866) 814-2153 x 7103

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