By Robert Lalicki
Can you believe its already February? Where did January go to? I must be getting old when time goes by so fast that I don't even remember January at all! I didn't even have time to break any New Year's Resolutions since I haven't had the time to write them down yet. I guess time truly waits for no one, as the saying goes.
So lets get our taxes out of the way. That April 17th deadline will be here faster than we think. And the sooner we get our taxes completed, the sooner we can receive our refund and save it, or at least save some of it, for that rainy day we talked about in last month's article.
For homeowners, if you took advantage of lower mortgage interest rates last year and refinanced in 2006, you might be able to deduct some of the associated costs. Especially if you itemize. Any discount points and origination fees may be deductible along with mortgage interest. Talk with your tax preparer and don't forget to bring copies of your closing paper work to your tax appointment for review.
For self-employed individuals, did you use a portion of your home regularly and exclusively for business? You may be able to take a home office deduction for the business portion of your real estate taxes, interest, utilities, insurance, repairs, all based on the percentage of the home used to do business.
This year, there's a new refund to take advantage of – The Telephone Excise Refund. It's a one-time only tax credit you can claim on your 2006 tax return. This represents a refund on long distance telephone service. You can choose between the standard amounts that have been set by the IRS or you can take the actual amount of excise taxes you paid. Dig up your phone bills from March of 2003 to July 2006 and report the actual amount of the tax paid.
To get your refund back to you fast, safe and secure, have your refund directly deposited into your checking account. Direct deposit of your refund check is more secure than getting a check in the mail. You will need your bank's routing number and your checking account number from your check book. If you're having trouble with all those digits, contact you bank for help. Double check it, even TRIPLE check it to make sure you have it correctly before writing it on your tax forms.
If you find you owe money to the IRS, pullout your checkbook again and make it payable to the "United States Treasury." An idea to consider is writing your social security number, followed by "2006-1040's" on the check's memo line. That way the IRS knows exactly where to apply your payment. Best of luck to you this tax season.
The following Pride Source Media Group advertisers can help you with your tax questions. You can learn more about their companies at our web site www.pridesource.com
Tax Planners and Preparers
Ameriprise Financial Inc.
Rebecca Grams, CFP
2851 Charlevoix Dr. SE, Ste. 200
Grand Rapids, MI 49546
616-285-3247
Ameriprise Financial Services Inc.
Susan S. North
900 Wilshire Drive, Ste. 255
Troy, MI 48084
248-244-9160
Ameritax Plus
Alan T. Semonian
3336 W. Twelve Mile Rd.
Berkley, MI 48072
248-584-1040
[email protected]
Crest Financial
Linda Giroux & Jim Sullivan
13818 S.W. Bay Shore Dr.
Traverse City, MI 49684
906-387-1700
Dickinson Wright PLLC
Henry Grix, Attorney
38525 Woodward, Ste. 2000
Bloomfield Hills, MI 48304
248-433-7548
Edward Jones
Reid Beyerlein, Investment Representative
31621 Bellvine Ct.
Beverly Hills, MI 48025
248-443-7454
http://www.edwardjones.com
Ferndale Tax & Bookkeeping Service
Marvin Rosenberg
255 E. Nine Mile Rd.
Ferndale, MI 48220
248-541-2416
Harbour Tax & Accounting
Diane Harbour
316 1/2 S Main #204
Royal Oak, MI 48067
248-399-7331
Merrill Lynch
Stacey Cassis
39577 Woodward Ave.
Bloomfield Hills, MI 48304
248-645-7216
Secure Planning Strategies
Mehul Mistry & Minoti Rajput
40 Oak Hollow Ste. 315
Southfield, MI 48034
248-350-3400
http://www.secureplanning.com
