Tax Deduction for Alimony Payments? - Yes!

Written by Richard A. Chapo

Continued from page 1

5. You have no liability to make any payment (in cash or property) afterrepparttar death of your spouse or former spouse; and

6. Your payment is not treated as child support.

If you are receiving or paying alimony, you must use Form 1040 for your personal taxes. Regardless of income levels, deductions or miscellaneous tax issues, you cannot use Form 104A or Form 1040EZ.

In preparing your tax return,repparttar 149641 person receiving alimony will reportrepparttar 149642 information on line 11 of Form 1040. That person must also provide their social security number to their former spouse or face a fine of $50. The person payingrepparttar 149643 alimony can claimrepparttar 149644 deduction on line 34a of Form 1040.

Richard Chapo is with Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Go to our article section to discover tax strategies and deductions.

Show Me the Money: Mortgage Programs for Financially Challenged Home Buyers

Written by Kevin Onizuk

Continued from page 1

Two in One

Many potential homebuyers have decent credit and savings to cover closing costs, but they do not have money to make a down payment. The idea of emptying a savings account to cover closing costs andrepparttar down payment may not be appealing. Buyers like this should consider an 80/20 Combination Mortgage. The 80/20 combo is actually two loans instead of one. The buyer receives one loan for 80% ofrepparttar 149640 purchase price and a second loan for 20% ofrepparttar 149641 purchase price. Although these types of loans may have a little higher interest, buyers do not have to purchase mortgage insurance. When inquiring about an 80/20 combo ask aboutrepparttar 149642 credit score, savings reserves needed, andrepparttar 149643 mortgage/rental history requirements necessary to qualify.

In order to achieve your goal to become a homeowner you must investigate your choices, educate yourself and receive advice from high-quality, trustworthy professionals. Once you understand all ofrepparttar 149644 mortgage possibilities available you can makerepparttar 149645 decisions necessary to make your dreams come true.

Kevin Onizuk has been in the mortgage business since 1994 and co-founded Breakwater Mortgage in 2003. His background covers many aspects of lending. Breakwater Mortgage has one office in Virginia Beach and two offices in Williamsburg, Virginia. Kevin Onizuk and the Breakwater Mortgage team are dedicated to providing the highest level of service available in the mortgage industry.

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