When it comes to filing your tax return, you may be just one of those folks that keeps putting off getting organized to file because you are afraid it means getting out that checkbook to pay even more taxes. And in some cases that is true, particularly if you try to file yourself without the base knowledge of the tax code changes that occur every year.
What changes are we seeing for the 2007 return? This tax season the biggest beneficiaries of new tax laws are homeowners. Unfortunately we are talking about homeowners who got caught in the Adjustable Rate Mortgage fiasco and are having trouble paying their mortgages. For years 2007-2009, any forgiven home mortgage debt is nontaxable. Another break for homeowners is the deduction for Prepaid Mortgage Insurance (PMI) that is ordinarily paid by buyers who make a down payment less than 20 percent. We are also looking at some relief from the Alternative Minimum Tax that has for so long been the bane of the middle class tax payer.
Do these terms sound like Greek to you? If so, you definitely need the help of a professional tax preparer and if you do recognize these terms you probably already know the importance of using a qualified tax preparer for your return. All About Taxes brings 25 years of experience to the Santa Clarita Valley and is in good standing with the IRS. Owner Judee Post Greenblatt really enjoys the challenge of working and reworking a return to insure that every opportunity for maximizing the return has been used. Judee is also able to help resolve tax issues from previous years and help get the taxpayer back on track. So don’t procrastinate too long!
Give us a call at All About Taxes. Judee, Michelle and Christina will be happy to work with you to maximize your return. All About Taxes is located at 23300 Cinema Drive in Valencia above the Stonefire Grill. For more information, please call 661-799-7007.