Today’s top news headlines feature advice on how to use payroll tax deduction and reduce monthly mortgage payments. Plus, find out why bankruptcy filings were so high in 2010.

Itemizers Must Wait to File Taxes CNN Money The Internal Revenue Service announced taxpayers who plan to itemize their deductions must wait until mid- to late-February while the agency updates its systems to reflect the new tax laws. The delay will not affect all taxpayers, but solely those who plan to itemize deductions, which may relate to tax breaks for state and local taxes, education, medical and dental expenses and charitable contributions.

Recasting May Help Homeowners Save The New York Times Homeowners unable to refinance their mortgages are being urged to explore other options, such as recasting, to save money. Recasting, also dubbed re-amortization, allows individuals to reset their monthly payments after putting a large lump sum toward their principal. The reduced principal results in lower mortgage payments and, by extension, less interest over the remaining loan terms.

Put Payroll Tax Deduction to Good Use The Associated Press Americans will begin seeing more in their paychecks toward the end of January, due to the payroll tax deduction, and workers are being urged to use the extra savings to their long-term benefit. While the paycheck increases may seem minimal, workers can use the additional funds to pay down credit card debt, build an investment portfolio or establish an emergency fund to improve their overall financial condition.

Bankruptcy Filings Rose in 2010 The Wall Street Journal Data shows bankruptcy filings increased 9 percent during 2010 to surpass 1.5 million filings, indicating financial hardship continues to weigh on Americans after the end of the recession. Industry experts say the Pacific Southwest and the Southeast accounted for the majority of Americans who filed for bankruptcy protection.

Use Credit Card Statement To Escape Debt Credit.com Americans who resolved to overcome debt are advised to begin by examining their credit card statement, which calculates how long a cardholder will carry a balance if they only make minimum payments. In addition to paying more than the minimum, consumers should employ strategies to help them lower their balance and avoid racking up a new one.

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