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Good Morning Everyone This article from FEDWEEK –Retirement and Financial Planning. AS ALWAYS Consult your Tax Advisor, CPA. Year-In, Year-Out Deductions In 2008, the standard deduction for married couples filing joint returns is $10,900; for single filers its $5,450. If your itemized deductions are likely to be just under or just over the relevant amount, consider bunching together deductible expenditures every other year. You can claim the standard deduction in the off years. Suppose, for example, you're a joint filer whose only itemized deductions each year are $3,000 of property taxes and $8,000 of home mortgage interest. If you prepay your 2009 property taxes by December 31 of this year, you could claim $14,000 of itemized deductions on your 2008 return ($3,000 of property taxes for this year, another $3,000 for 2009, and $8,000 of mortgage interest). In 2009, you will only have the $8,000 of interest, but you can claim the standard deduction, which will be higher than $11,000 after being adjusted for inflation. By following this strategy, you can reduce your tax payments by a substantial amount over the 2008-2009 period. Then you can repeat the process in 2010-2011.. Today's Interest Rates Conforming 40 yr Fixed------ 6.875% Conforming 30 yr Fixed-------6.500% Conforming 20 yr Fixed-------6.500% Conforming 15 yr Fixed-------6.125% FHA 30 yr Fixed------------------6.500% VA 30 yr Fixed--------------------6.500% FHA Jumbo-----------------------6.750% Reverse Mortgage for those 62 years or older-----Fixed HECM 6.06% Credit and LTV restrictions apply. Rates are subject to change daily. Equal opportunity lender Bond Market News for today Bonds have bounced up and down this morning, but are currently making a recovery. In other news, the four-week average of new unemployment claims now sits at its highest level since the recession of 2001. However, the report may be somewhat skewed by a new federal program. Overall, Bonds have been pushed into 'overbought' territory, which may limit further gains. For now, I recommend floating, but I will be watching closely and will alert you of any changes.. Today's Quote It is only the first step that is difficult. Marie De Vichy-Chaconne,.Marquise Du Defend, letter to Defend, 1763 |
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