I have been anticipating that we are going to owe money this year on our income taxes. This is partially due to the fact that we have been trying to get a loan modification on our primary residence for the past year and don't have any interest to deduct.
I know so many people with this same situation, but no one has filed their taxes yet. These are all people who generally get a large return, but are in no hurry to file. Mainly for the fear of having to pay the IRS.
I have heard from a few tax prep people that we will probably be alright since we now have our new daughter to deduct for the first time. We'll see how this turns out. Our accountant is great and I know she will do whatever possible to help us.
Interestingly, while we're on this subject. I received an email today in regards to the recent proposal to limit deductions from mortgage interest. There is already an organization against this proposal. The new organization is called Save My Mortgage Interest Deduction.
In a nut shell Save My Mortgage Interest Deduction (SaveMyMID) has been created by the National Association of Home Builders to raise awareness about the threat to the mortgage interest deduction and the dire consequences that could result if it is eliminated or reduced. These resources help people understand the widespread economic ripple effects - far beyond the individual home owner - that could occur if the mortgage interest deduction is eliminated or scaled back.
You can read more about this new organization at http://savemymid.info/.
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