Will You Lose Your Home Mortgage Deduction In 2013?

Last Friday, I spent a chunk of my day at the Georgia Regional Financial Planning Association conference. I was a panelist at the event, but one of the reasons I attended was to see a friend of mine Michael Kitces speak on all of the tax law changes he…

Ten Common Mistakes Tax Filers Make

Don’t you hate that thought of getting your taxes done only to realize later that you make a common mistake that could cost you time or money? The tax code seems to be getting more …

Congress Gets Report on Cutting MID

The Congressional Budget Office has prepared a report that suggests ways for Congress to raise revenues. One key suggestion is that Congress cut deductions for home owner mortgage interest from the present $1.1 million cap to $500,000, phasing in the reduction by $100,000 annually starting in 2013. Over a 10-year period, the change would increase […]

Will Taxpayers Have to Bail Out FHA?

The Federal Housing Administration stepped up to guarantee low-downpayment mortgages for riskier buyers after the mortgage market crashed. Now with many of them in default, the FHA’s losses have mounted, and it’s possible that its reserves will fall below the 2 percent level required by law. If that happens, taxpayers may have to bail out […]

Use Your Georgia Taxes to Contribute To Private School Scholarships

Under a 2008 law, Georgia taxpayers can contribute to a qualified student scholarship organization and receive a tax credit against their Georgia income taxes. The Georgia GOAL Scholarship Program represents the latest in a series of activities undertaken by its founder and members of its board of directors to provide Georgia families with greater opportunities […]