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Showing posts from January 7, 2007

New Tax Brackets for All Taxpayers

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Income tax rates are unchanged for 2006, compared with 2005. But, as happens every year, the Internal Revenue Service has adjusted income tax brackets for inflation. Expanding the brackets means that a touch more of your income will be taxed at lower rates than might have occurred last year. That will mean savings for you. The IRS is required by law to adjust the dollar amounts for a variety of tax provisions each year to keep pace with inflation. The adjustments affect some 36 different areas of tax rules. The IRS publishes the next year's tax rates each year in the last fall. So 2007 tax brackets, as well as amounts for standard deductions, personal exemptions and other tax areas, are already published. For more information, visit http://www.irs.gov/newsroom/article/0,,id=164182,00.html

A Little Closer to Home--Noblesville

Since Diane posted about Zionsville, I thought I would do a post about Noblesville, my current place of residence. Even though I have only lived in Noblesville for a little over 6 months now, I already feel connected to the community. Everyone--from my new doctor to the librarians to the checkout cashiers at Kroger to my new hairdresser--has been so friendly and helpful. They have made our transition to this new place smooth and less stressful. I think what drew us to Noblesville in the first place was its small town feel and big city amenities. We loved the downtown area with its quaint shops and mom and pop restaurants. We (especially myself) also love that just outside, either direction you travel, there are many options for shopping. :) And, of course, downtown Indy is an easy, 30-minute drive away. Next time, I will talk about Noblesville's award-winning schools... Till then, for more information on Noblesville's businesses, restaurants, and shopping, visit http://noblesvi

Write-offs to Remember--Deductions in the Loan Process

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By David Fairman Loan Officer Tucker Mortgage, LLC Write-offs are the government's way of rewarding taxpayers when they've done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget. Here are a few people tend to forget: Points : According to the IRS, origination fees charged as points must be paid for the use of money, (for example, to obtain a lower interest rate) in order to be tax deductible. Origination fees that constitute a "service fee" are not tax deductible. The question must be asked, "Does the fee apply to the use of money, or is it a service charge?" Discount points are paid to secure a lower interest rate. IRS Publication 936 lists a general rule that states, "You generally cannot deduct the full amount of points in the year paid. Because they are prepaid interest, you generally must deduct them over th