Ask a CPA

Payments to psychiatrists, psychologists, medical doctors, dentists, eye doctors, chiropractors, physical or occupational therapists, acupuncturists and medical care psychoanalysts, are itemized deductions subject to your 10% / 7.5% AGI limitation on IRS Schedule A.

Payments to psychiatrists, psychologists, medical doctors, dentists, eye doctors, chiropractors, physical or occupational therapists, acupuncturists and medical care psychoanalysts, are itemized deductions subject to your 10% / 7.5% AGI limitation on IRS Schedule A.

A borrower takes a conventional 30-year loan for 80% of the loan amount. A second mortgage for 10% of the loan amount is taken simultaneously at a slightly higher rate. The idea is for the borrower to quickly pay off the second loan and leave the borrower with a fixed loan with no Purchase Mortgage Insurance (PMI).

Borrowers can borrow up to 103% of a home's purchase price or appraised value, whichever is lower. There is no down payment. Closing costs including PMI can be financed as part of the loan. Generally, the loan period is for 15 or 30 year fixed mortgages and is offered to borrowers with good credit.

This mortgage is for borrowers who need 100% financing. Generally, it is for a 30 year fixed mortgage. No money down is required, but the monthly mortage payment must be deducted directly from the borrower's paycheck.

The loan's rate is fixed for the first five years. After that, it becomes an adjustable rate mortgage, with a 30 year term.
Other variations include fixed periods of seven or 10 years before adjusting annually.
Generally, this is attractive for borrowers who expect to be in the house for a short period of time.

When applying for this kind of a loan, your income will not be checked, but your assets, employment and credit are checked. Generally, 25% of the equity must be paid as a down payment and rates and points are higher than income-checked loans.

Some documents you should consider updating are: insurance policy's designation of new beneficiaries; Updating your will; Updating your power of attorney and health-care designation documents; and updating a list of whom you want to name as heirs and what you want them to inherit.
You should also decide who will handle your affairs upon your death. Speak to your local CPA about your divorce situation.

When you get divorced or married and your name changes, your Social Security number will not have to be changed.
You should have your name changed on your Social Security account to reduce any chance of problems in the future. Changing the name on the account will require a trip to your local Social Security office, where you must fill out a "change of name" form.
You will need either a copy of your marriage certificate, divorce document or other legal proof of the name change. A new card will be mailed to you within two to three weeks. It will include your new name with your same Social Security number.

There was be no COLA in 2011. Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012.
The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012.
Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.
According to officials, the average monthly check for the elderly will increase $43 to $1,229. For the disabled, it will rise $39 to $1,111.