By Lea Strickland, CMA CFM CBM
President - F.O.C.U.S. Resources

Guest Columnist Special Feature:
In another installment of our 20 topic question and answer series, John Wroton, Assistant Vice President of Harrington Bank, Chapel Hill, North Carolina, answers key questions which provide insight and a better understanding of the lending process - how risk and your relationship with your banker make a difference.

Some of the new tax rules that were provisioned by the IRS put restrictions on income tax deductions on donations, while others were far more liberal and forthcoming. It is therefore important that taxpayers learn of the new rules and the different caveats that may apply. Taxpayers are advice to avoid waiting until April to learn of these new provisions.

The rules for charity donation of items such as clothes, shoes and everyday household items have change. For or an item to be qualified for tax deduction, it must be in

A bill that promises to provide tax relief for middle income tax payers was recently passed by Congress and signed by the president. The bill will also help U.S. troops serving overseas, by providing deductions for both mortgage insurance premium and college tuition.

While not perfect, says Congressman Joseph Crowley, this tax cut bill also provides relief and incentives for families owning a home, sending their kids to college and trying to make ends meet.

2nd Story Software

The IRS has issued new guidelines to taxpayers on how best to claim the extended deductions in the Tax Relief and Health Care Act of 2006, which was passed before congress took a recess in December, 2006 and signed last week by President Bush.

The 2007 tax season will begin as planned. However, due to the recent changes the IRS will not be able to process tax returns of tax filers who will be claiming (1) state and local sales tax deductions, (2) higher education tuition and fees deductions and (3) educator expenses, until early February.