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More Tax Tips for IBOs

By Joe DePetris, Jr., CPA
Tax Consultant to the IBOAI Board

Another year has rolled around and it’s time to think about tax planning. Here are more helpful tax tips for this year.

Two Important Changes for 2007!

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One-Time Mortgage Insurance Deduction
Mortgage insurance is deductible as qualified residence interest, for 2007 only.

Mortgage insurance is insurance you are often required to carry by your mortgage lender, which provides coverage for losses the lender might incur if there is a default on your mortgage. You qualify if you have mortgage insurance, your income does not exceed $110,000, and you itemize deductions. Some rules and limits apply, so do your research if you prepare your own tax return.

Note: If the amount of your mortgage insurance is not indicated on the annual statement you receive from your mortgage company, contact the mortgage company.

Partnership Returns No Longer Required
For years, I have been telling IBOs they are not required to file partnership returns just because their spouse is their partner in the business. The IRS has finally heard me and it is no longer required! For those who have been filing partnership returns, make sure you bring this up to your preparer. No sense paying a preparer to do two tax returns when you really only need one!

Note: At this time, the IRS hasn’t issued guidance on how to make the election not to file partnership returns, but it’s the law.

More to come…

Joe

Learn more about Joe DePetris, Jr., and IBO tax return preparation and tax issues at IBO Bookkeeping 101.

Find more Tax Tips for IBOs from Joe DePetris, Jr., CPA.

This article is provided as an educational resource for your guidance, and is strictly informational. It does not constitute legal, accounting, or other professional counsel. Nothing included herein implies a recommendation by the author, the IBOA International, or Amway Global, of any course or method of regulatory compliance. Readers and users who intend to take, or refrain from taking, any action based on information contained herein should first consult with their qualified tax advisor, preferably a C.P.A., or appropriate regulatory authorities.

 
 

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