Home owners were among those who benefited from the tax compromise that President Obama signed recently. Among the most home owner-friendly provisions are:

• Deductions for private mortgage insurance. The agreement extends through 2011 a provision allowing home owners to deduct these insurance premiums. To qualify for the full deduction, homeowners must have an adjusted gross income of $100,000 or less. Taxpayers with AGI of $100,000 to $109,000 can claim a partial deduction. Borrowers can�t deduct premiums on home loans that closed before 2007.
• Tax credits for energy-efficient home improvements. Home owners who install insulation, new windows or other energy-saving improvement in 2010 are eligible for a tax credit worth 30 percent of the cost up to a lifetime maximum of $1,500. Improvements must be bought and installed by Dec. 31. Those who delay improvements to 2011 still get a tax credit, but it is capped at $500.

Many will benefit from lower Social Security Taxes, Tax Free Educational Assistance and more.   Contact your accountant or the IRS for more information.