Tax Deduction Content Index - Page 1

When you file your taxes, you may be able to claim a tax deduction. A tax deduction allows you to save money on your taxes. Current tax deductions include mortgage interest paid and student loan interest paid. Including tax deductions on your tax return may lower your tax bill. Consult a tax preparer, accountant or enrolled agent to know for sure.

**$8000 First Time Home Buyer Tax Credit Extended and Expanded: Questions and Answers** **UPDATE: (11/9/09) The new $6,500 tax credit for trade up buyers is effective as of the day the bill was signed, November 6, 2009, according to Sen. Isakson's office.** With the extension and expansion of the $8000 first time home buyer tax credit, lots of our readers are happy. But some are rather angry. Some of the people that would have benefited from the expansion of the tax credit have purchased homes and won't get the benefit of the tax credit. Others want clarification to see if they will qualify for the "new and improved" home buyer tax credit.

Winterize Your Home And Get a Tax Credit. The IRS has advised taxpayers that the Expanded Recovery Act Tax Credit will help homeowners winterize their homes so they can save energy and save money at the same time. But the IRS cautions homeowners to check the tax credit certification before they buy winterizing tools.

**S Corporation vs LLC: Tax Consequences For S Corp and LLC** More and more real estate investors are using LLCs to hold their properties. Some still prefer using S corporations but most accountants today recommend that their clients use LLCs or limited liability companies.

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 2009 (ARRA) with the deduction limited to the sales and excise taxes and similar fees paid on up to $49,500 of the purchase price of a new vehicle.

$8000 First Time Home Buyer Tax Credit And Money From Parents With the $8,000 First Time Home Buyer Tax Credit due to expire on November 30, 2009, parents are coming to the aid of their children by giving them money or buying a home with them to qualify and take advantage of the tax credit. If you are single and have not owned a home for the prior 36 months and make $75,000 or less and buy a home worth at least $80,000, you should qualify for the $8,000 first time home buyer tax credit. But there are exceptions.

Refinancing a Jumbo Mortgage Loan is Difficult In This Housing Market. During the housing crisis and the credit crisis, it has become increasingly harder to refinance jumbo mortgage loans. Jumbo mortgage loans now have two strikes against them: if home values have come down, the owner will have trouble refinancing the jumbo mortgage loan without coming up with a significant amount of money at the closing and with the credit crisis, many mortgage lenders have moved away from the jumbo mortgage market and will only refinance conventional loans that are for $417,000 or less. For many jumbo mortgage loan home owners, the Obama Making Home Affordable or Home Affordable Refinance plans and programs won't help.

Ilyce Glink show notes. We're offering a new discount for our HOW TO PROFIT FROM FORECLOSURE event. Use discount code: summer to get 30% off the Early Bird Ticket Price. The IRS launches a YouTube channel.

NEW UPDATE 9/10/09: Today's update is an edited, condensed transcript of my conversation with BOA spokesperson Rick Simon. Cenlar is a legitimate loan servicing company and Roundpoint is NOT A SCAM. The situation is confusing, but not fake. 9/01/09 Yesterday, we reported that Bank of America taking over servicing rights for FHA loans and Ginnie Mae loans previously held by Taylor Bean and Whitaker Mortgage Company.Earlier this month, Taylor Bean and Whitaker Mortgage Company, which is owned by Colonial BancGroup shut its doors. Dozens of Taylor Bean and Whitaker Mortgage Company borrowers called the Clark Howard Show and Ilyce Glink Show to ask what they should do. Should they pay their old loans or new loans? How could they find out if their loans funded? The FDIC and Federal Reserve Bank have set up customer hotlines you can call to get information.

Thinking of conducting a house raffle to unload your house instead of selling it? It's illegal for homeowners to raffle off their own house. Instead, you have to work with a nonprofit organization and transfer ownership of the house to them. The nonprofit can then raffle off your house, and you'll get a tax deduction - not cash. Here are more details on house raffles.

Will unemployment jobless benefits be extended again? If not, 1.5 million Americans will run out of their unemployment benefits by the end of the year. That won't be good for the economy. Meanwhile, the Cash for Clunkers program went out with a bang - six days in the CARS program ran out of money. We also offered our FREE BOOK program, and our BUY 3 GET 1 FREE Ebook Deal. See below for details.