Mortgage Insurance Premiums May be Deductible.
Taxpayers may be able to deduct mortgage insurance premiums paid on mortgages taken out or refinanced during 2007. As expected, the deduction for mortgage insurance premiums is phased out for taxpayers with adjusted gross incomes exceeding $100,000 ($50,000, if married filing separately). This deduction would be claimed on Schedule A, Line 13.

New Strict Rules for Giving to Charity.
For tax year 2007, to deduct any charitable donation of money, taxpayers must have a bank record or a written communication from the recipient showing:

1.the name of the organization.
2.the date of the contribution.
3.the amount of the contribution.

The IRS has further stated that "though taxpayers are already required to keep records to support their contribution deductions, this new provision is designed to provide greater certainty, both to taxpayers and the government, in determining what may be deducted as a charitable contribution."

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