Yes, it’s true! For all you lucky folks who were eligible to claim either the First Time Homebuyer or Repeat Homebuyer credit, but didn’t close by June 1st, you have another chance to cash in on this opportunity!
Congress has extended the deadline for taxpayers to complete the purchase of qualifiing homes for both first time homebuyers...
Back in March, we covered the reporting and record-keeping requirements for non-cash charitable contributions.
Now we will focus on how you can determine how much your charitable contribution is worth. What is the true value of that nearly-new suitcase or the blouse you’ve owned for twenty years?
The first thing that you must consider is the condition of the object...
IRAs are quickly becoming a more and more popular method for individuals to put aside money for retirement. With the various types of IRA (traditional, SEP, Roth) to choose from, there is an option for everyone. Since the opportunity to make contributions to your IRA for 2009 is quickly coming to an end, here are...
Did you notice your paycheck was a little larger in 2009 than it was in 2008? That’s thanks to the implementation of a new credit for 2009 – the Making Work Pay credit.
Today, we are going to answer the top 5 questions we’ve had about this credit.
1. What is the Making Work Pay Credit?
The Making...
I know what you’re thinking: what does college basketball have to do with my taxes? A lot, actually, if you’re one of the many, many people that bet on the college basketball playoffs every year. The money you win on the outcome of the National Championship tonight will put a big smile on your face,...
Wouldn’t it be nice if paying tax was a voluntary action, instead of a compulsory one? Of course it would, but we all know that’s not the case, right? Wrong. There are taxpayers out there who try to avoid paying taxes by claiming that our taxation system is based upon “voluntary assessment and repayment.” They...
Did you know there are thousands of people in our nation for are eligible for the Health Coverage Tax Credit (HCTC) but don’t know it? It’s true! The HCTC pays 80 percent of health insurance premiums for eligible taxpayers and their qualified family members, but there are many eligible taxpayers out there who don’t even...
Is the Internal Revenue Service an agency of the US, or its own unique entity?
If your response is, “The IRS is its own entity,” then you, along with many other taxpayers, are sadly mistaken.
Regrettably, some taxpayers go beyond simply being mistaken in their assumptions. There are people out there who actually use that claim as...
Is it true that the top 1% of taxpayers pay the least amount of tax to the government?
No, that is totally fiction!
In fact, the top 1% of taxpayers—those taxpayers with adjusted gross income (AGI) of at least $410,096—carry the largest tax burden of any other tax bracket. According to the IRS, in 2007 this 1%...
Several weeks ago, we covered the ins and outs of the First Time Homebuyer Credit. Today, our focus will be on the other credit out there for homebuyers – the Move-Up or Repeat Homebuyer Tax Credit.
1. What exactly is the Move-Up/Repeat Homebuyer Tax Credit?
This is a reduced homebuyer credit offered as a part of the...
