DUES DEDUCTIBILITY – TAX DEDUCTION NOTICE FOR 2008 TAXES
The Omnibus Reconciliation Act of 1993 allows only a portion of the dues you
pay to the Florida Association of Mortgage Brokers and the National Association
of Mortgage Brokers to be deductible as an “ordinary and necessary” business expense.
FAMB has determined that 20% of your 2008 FAMB dues are not deductible because of
FAMB’s lobbying activities on behalf of its members. Renewing Professionals,
Originators and Affiliates dues are $275 and Supporter renewals are $190.
Renewing Additional Professionals, Additional Originators and Additional
Affiliates dues are $215.
NAMB has determined that 27% of their 2008 dues are not deductible because of
NAMB’s lobbying activities on behalf of its members. From your total dues we
pay NAMB the following: Professional and Additional Professional dues - $120
annually; Originator and Additional Originator dues - $95 annually; Affiliate
and Additional Affiliate dues - $95 annually; and Associate dues - $45 annually.
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