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Follow on Google News | Industry Expert Reveals how to Deduct PMI on TaxesOn filemytaxesonline.org, tax preparation planner Frank Ellis now explains how one can deduct Private Mortgage Insurance when filing taxes this upcoming season.
By: File My Taxes Online Next, he reveals who qualifies for the deduction, as not all people who pay PMI premiums do. Factors include having gotten a home loan in 2007 or later, a mortgage for the primary home or second one not rented, and a few adjusted gross income provisions. The PMI deduction can be itemized on the Schedule A form (http://americantaxservice.org/ Next, he reveals the step by step process, form selection, and choices of deductions and credits available with TurboTax Online. The software checks for errors before filing, he says, and there’s also a link to free tax refund calculators. (http://filemytaxesonline.org/ Ellis clearly focuses on getting a larger tax refund and/or paying less, but also reveals the best way to save is to cancel the PMI. One can do this if they have 20% equity in their home, while lenders have to cancel it once equity reaches 22%. To gather more insight into deducting Private Mortgage Insurance or canceling it altogether, read the article online at http://filemytaxesonline.org/ About Frank Ellis Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites. Contact Information Frank Ellis File My Taxes Online 945 East 8th Street Suite A Traverse City, Michigan 49686 Website: http://filemytaxesonline.org/ End
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