March 12, 2010 – 10:27 am
First Time Home Buyers Video from TurboTax
Great information from TurboTax about the First Time Home Buyers Tax Credit. This tax tips video tells of the expanded and extent tax credit that provides $8,000 to first time home buyers and $6,500 to long term home owners that are purchasing a new home before April 30th. Discover the fine points of the tax law including income limits, home qualifications, and ownership responsibilities after claiming the tax credit.
Ad: Get a Personalized Free T Shirt Today!
»crosslinked«
Related Posts:
Don’t File Your Taxes Yet If You Gave to Chile
With the recent Chile Earthquake on the minds of millions of Americans, the US House of Representatives is looking to add a Chile donation special tax deduction similar to the one in place for Haiti relief efforts. If the measure is approved, charitable donations sent to help Chile victims of the earthquake will be deductable on taxpayer’s 2009 tax returns although the donations are actually being made in 2010. Donations would need to be made before April 15th, the tax filing deadline.
The US House of Representative bill was passed … Read more at 2008 Taxes.
Claiming the Child Tax Credit for 2009
The Child Tax Credit is an important and beneficial tax credit that you should file for whenever you are eligible. You can receive a tax credit for up to $1,000 for every child that qualifies. Children must be under the age of 17 in addition to other stipulations.
The qualifications for a child include age, relationship, support, dependent, citizen, and residence. The first test we have already mentioned, the child has to be younger than 17 when the tax season ends. To pass the relationship test, the child has to be your child, … Read more at 2008 Taxes.
By Steve
|
Posted in tax credit, Tax Preparation
|
Tagged additional child tax credit, age of 17, beneficial tax credit, child tax credit, citizen, dependent, phase out, qualifies, relationship, support
|
Debt Forgiveness and Mortgages
If you had all or part of a mortgage forgiven during the last three tax years, you may be able to avoid paying taxes on the forgiven mortgage debt. A law passed in 2007 called the Mortgage Forgiveness Debt Relief Act allows otherwise taxable mortgage forgiveness to be tax free up to $2 million dollars.
Now if you file separately from your spouse, you can only claim half of the limit yourself. But joint filers can take the full $2 million. Restructure of mortgage debt is one case where you might need this tax benefit in … Read more at 2008 Taxes.
Five Tax Credits You Should Claim
If you are eligible for these five tax credits, you should claim them this year on your tax return. These credits will reduce the tax your owe directly and some can be refunded to you if you owe no taxes at all.
The Earned Income Tax Credit (EITC) is for lower income earners and considers the number of children that you have when calculating the tax credit. The tax credit is refundable and can give some low income workers up to $6,000 in refundable taxes well beyond what they have paid into the … Read more at 2008 Taxes.
By Steve
|
Posted in irs, tax credit, Tax Preparation, tax return
|
Tagged child and dependent tax credit, child tax credit, earned income tax credit, health coverage tax credit, retirement savings, savers credit, tax credits, turbo tax, your tax return
|
Places to Find Free Tax Help
In addition to coming to 2008Taxes.org everyday, there are a number of government sponsored ways to get free tax help while preparing your tax return for 2009. The first place to look is IRS.gov. Not only is this the number one resource for tax information online but they also offer free tax preparation and free e-filing for tax payers in certain categories. And anyone that has filed a tax return can check the status of their return on the site.
If you prefer the telephone over visiting a website, call the IRS at … Read more at 2008 Taxes.
