Tax season is here and the April 15th deadine will be here before you know it. The following are a couple of tips to help you prepare for what can be one of lifes’ unpleasant enevitibilities.

The IRS encourages taxpayers to do their homework when selecting a tax preparer. Choose a tax preparer wisely; in the same manner you would select a doctor or lawyer. Find out the fees before the return is prepared; check on the preparer’s credentials; and, before you sign your return, review it. Remind your preparer to e-file your return to speed up your refund.

Organizing your financial records takes an investment in time, especially if your records are scattered. It’s an investment you’ll be glad you made, however, when you can find a cancelled check to prove a disputed bill or a medical receipt without hunting for two hours. While you’re getting organized, you may also discover personal finance areas that need your attention. You’ll be able to determine exactly where you stand today, so you can plan for the future. Good records will also help you track the performance of your investments.

There are several tax deductions that you should be aware of if you are a homeowner.

The most important benefit is the mortgage interest deduction. You can deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. You get Form 1099-INT at the end of the year that shows your deductible interest. When you get a new mortgage, however, you usually pay interest from the closing date until the first of the next month with your closing fees. Find out whether that charge is included in the year-end report.

You can deduct points that you or the seller pay on a new mortgage loan for the purchase or improvement of a principal residence. Deduct the points in the year you purchase the home.

You can also deduct any points you pay on a refinance mortgage, a loan to purchase a second home or a mortgage on income property. Deduct these points over the life of the loan.

You can deduct property taxes on all real estate, including taxes levied by state and local governments and school districts.

You may be able to deduct moving expenses if you change jobs and must relocate.

You cannot deduct maintenance expenses or depreciation on your home unless you use it for business purposes.

E-mail me at john@bendallgroup.com if you are not a homeowner this year, but would to buy a home in 2009.

For more information on IRS tax tips, go to the IRS.gov Web site at www.irs.gov

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