Karen, here is your newsletter for October 23, 2008.
Sensiba San Filippo Announcements
Scammers exploiting the volatile economy are actively looking for victims
Scammers exploiting the volatile economy are actively looking for victims - exercise caution and don't get caught in their web of lies!
These current volatile economic times have prompted financial scammers to redouble their efforts to find unsuspecting targets who are willing to turn over their financial information via scam telephone calls. Be skeptical and exercise great caution if you receive such a phone call, and be particularly cautious if you are asked for confidential information such as your social security number, bank account numbers, or bank routing numbers.
The New Law: A Detailed Look at Personal Tax Changes
The massive new federal "bailout" law contains nearly 300 changes to the tax code. Who benefits? A variety of individual taxpayers including those who were threatened by the alternative minimum tax, homeowners installing green energy sources, parents of college students, people who exercised incentive stock options, as well as many others. Click "Full Article" for a detailed look at some of the personal tax breaks included in the Emergency Economic Stabilization Act of 2008.
Does your mortgage lender require you to pay insurance premiums as protection against default on the loan? Mortgage insurance is typically required by lenders for those who buy homes with low or no down payments. The good news: Premiums for qualified mortgage insurance can potentially be treated as deductible mortgage interest on your tax return. This deduction is currently available through 2010 and the IRS has issued guidance showing taxpayers how to allocate expenses in order to claim them. Click "Full Article" for the details.
The Heroes Earnings Assistance and Relief Tax Act of 2008 was signed into law by President Bush on June 17, 2008. The main focus of the new law is to provide tax relief to members of the armed forces, although there are also provisions affecting others, including onerous new rules aimed at high-income individuals who relinquish U.S. citizenship or residency to avoid taxation. Here are highlights of the Heroes Tax Act.
We take great care in the preparation of the articles and announcements contained in this newsletter. However, taxing authorities require us to advise you that, unless otherwise specifically noted, any tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions; furthermore, this communication was not intended or written to support the promotion or marketing of any of the tax issues or matters it addresses.