From the IRS:
WASHINGTON — The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced…
Should you be filing your taxes on your own? If you have a simple tax return it should be very easy to file your taxes online and receive a fast refund. Use a CPA if you have a more complicated tax return to file your taxes and use as a tax resource all year long. Make filing your taxes easier by…
ThinkGlink Radio Show for Dec 27, 2009
It’s the last show of the year today, and so with only four business days left in the year, it’s the Special Tax episode of the Ilyce Glink Show. Ilyce invited her friends from the Georgia Association of Enrolled Agents, including: Merry Brodie, enrolled agent and CPA, enrolled agent Bill Nemeth and…
How Long Should You Keep Tax Records?
How long are you required to keep your tax records? The IRS only requires you to hold onto your tax records for seven years. A lender might want to see your tax records from the last few years, but they should not require anything further back than that. If a lender wants to see older tax records…
IRS: 401k Hardship Withdrawal Information
The IRS recently updated its 401k Hardship Withdrawal information. This information is for anyone who is out of work, had extremely high medical expenses or needed, for some other reason, to make a withdrawal from a 401(k) plan. If you qualify for a hardship withdrawal, you will not owe penalties on…
Buying A Car In 2009? Take Advantage Of An IRS Tax Break
Tax Deductions: If you're buying a car in 2009, be sure to take advantage of an IRS tax break that allows you to deduct the state or local sales or excise taxes you pay on the first $49,500 of the purchase price. This tax deduction may not be extended through 2010, so take advantage of the tax break…
ThinkGlink Radio Show for Dec 6, 2009
Tax Tips From The ThinkGlink Tax Team
Merry Brodie, Enrolled Agent and CPA, Bill Nemeth, Enrolled agent, and Chet Burgess, Enrolled Agent and president of the Georgia Association of Enrolled Agents (4gaea.org) joined us on the Ilyce Glink show today. We talked about Cancellation of Debt, New Tax…
IRS Announces 2010 Standard Mileage Rates
The IRS issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The standard mileage rates are optional.
Home Buyer Tax Credit Requires Tax Forms To Be Submitted
$8000 First Time Home Buyer Tax Credit and $6500 Repeat Home Buyer Tax Credit Require Tax Forms To Be Submitted
The new and expanded home buyer tax credits now require additional documentation to obtain the tax credit after buying a home. Whether you are a first time home buyer or a repeat home…
$6500 Repeat Home Buyer Tax Credit Has Time Restrictions
To obtain the $6500 home buyer tax credit, you must comply with certain time restrictions: you must have lived in the prior home a full five years prior to the date of purchase of your new home. You must also qualify on the other terms of the home buyer tax credit. If you are short on the time that…
8000 Tax Credit First Time Home Buyer Requirements: Buying From A Relative
To qualify for the first time home buyer tax credit, you must follow the 8000 first time home buyer tax credit requirements. There are specific rules against buying a house or receiving a home as inheritance and qualifying for the 8000 first time home buyer tax credit. If you buy a house from a more…
The White House supports three pro-housing measures including the extension and expansion of the $8,000 tax credit, continuing an expansion of the loan limits, and support for the Housing Trust Fund. These pro-housing measures were announced by Treasury Secretary Tim Geithner and HUD Secretary Shaun…
IRS Reminds Consumer About Special Sales Tax Deduction for Car Purchases Through End of 2009
The internal revenue service reminds taxpayers that they may qualify for the special sales tax deduction on cars, light trucks, motor home or motorcycles, if the vehicle is purchased before Jan. 1, 2010.Taxpayers may qualify for this deduction under the American Recovery & Reinvestment Act of…
$8,000 First Time Home Buyer Tax Credit Will Expire December 1, 2009, Will It Be Extended
Will the $8,000 first time home buyer tax credit be extended? This and other questions about the first time home buyer tax credit are on the minds of home buyers as they try to figure out the best deal in the housing market. Should a daughter buy a house from her parents or should she use a quit…
$8,000 First Time Home Buyer Tax Credit Rules For Buying From Relatives
are very specific. The IRS has specific guidelines on who is or isn't considered a relative for purposes of the first time home buyer tax credit. For the first time home buyer tax credit a relative is a parent, child, grandparent or grandchild. You cannot buy from one of these people considered as a…
Who Qualifies For First Time Home Buyer Tax Credit?
Some relationships fall under different first time home buyer qualifications. If you have never owned a home, but your spouse owns a home, you probably will not qualify for the first time home buyer tax credit. The first time home buyer tax credit qualifications are very strict. Unmarried first time…
Scams and Rip-Offs - New IRS Scams Target Identity Theft
The IRS issued a scam alert to taxpayers notifying them that there are new IRS scams and rip-offs that target identity theft they need to watch out for. These scams, including the "Making Work Pay Refund" Scam and phishing rip-offs like those telling you that you have inherited funds, won the…
Repaying the $8,000 First Time Home Buyer Tax Credit
Under what circumstances do you have to repay the $8,000 first time home buyer tax credit? If you bought your first home in 2008, you may have qualified for the $7,500 first time home buyer tax credit that has to be repair in equal $500 installments. But if you bought your home in 2009, you don't…
Capital Gains Tax Changes If Primary Residence Includes Rental Property
Renting out part of your primary residence will change how your capital gains tax is calculated when you later sell. If you didn't have a rental property as part of your primary residence, you could save taxes on up to $250,000 of profit from the sale, if you're single. When you have a rental…
Keeping Property Or Assets When You Owe Money To IRS
If you owe money to the Internal Revenue Service and you want to buy property can you get a family member to be the buyer using your money? And can that family member later give you the property via a quit claim deed? Trying to get around paying back the IRS or protecting assets from the IRS can be…
Federal Tax Deduction For Buying New Automobile
If you're looking at buying a new car this year you'll likely be able to deduct the sale tax you pay on your federal income taxes for the 2009 tax year.
IRS announced seven things you should know about this new deduction:
The IRS has published the following following tax law changes for 2009 affecting individuals.
Don't Miss First Time Home Buyer Tax Credit
First-time home buyers, pay attention! If you buy a new home in 2009, and close on or before December 1, 2009, you may qualify for an $8,000 tax credit.
The National Association of Home Builders has created a number of resources to help Americans understand current conditions in the housing market…
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams
As that April 15 tax deadline edges closer and closer, the IRS has released a list of top tax scams to watch out for. Whether you've already sent off your return or you're one of the last minute filers, make sure you don't get trapped by any of these scams:
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams…
IRS reminds tax payers to file on time by April 15 to avoid penalties.
Check out our previous blog entry on how you can now deduct credit and debit fees when you pay your taxes using these payment methods.
In addition to paying using credit or debit cards, you can also pay your taxes using the…
