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Tax Tips - Part 1 (posted 12-1-09)
 Posted 12/1/2009 9:38:00 AM
It may be too late to save on last year’s tax bill, but it’s not too early to consider ways tosave on this year’s taxes. So, following is Part I of a two part series on some things you can do to possibly lower your tax bill this year. Year-Round Tax Tips • Contribute to retirement plans: If you haven’t started already, begin makingregular contributions (up to the full amount you are allowed) to a 401k, 403b, orother tax deductible retirement plan you qualify for at work. Or, if you don’tqualify for such a retirement plan (or are self- employed), set up and fully fund adeductible IRA (individual retirement account). • Fund IRAs until April 15th: If you qualify to contribute to a deductible IRA, youdon’t have to have funded (or fully funded) that IRA by year-end. Rather, youhave up until April 15 to fund (or fully fund) a deductible ...
Additional information on the newly extended homebuyers tax credit legislation
Posted 11/29/2009 10:01:00 AM
As promised, as more information on and answers to questions about the newly extended/expanded Homebuyers Tax Credit Legislation becomes available, we’ll present for you both here and on The Money Show. Following is more such information.
Again, the income limits for the both the $8,000 first time homebuyer credit and the $6,500 so-called “move-up” credit have both been increased. Under the new law, individuals with incomes up to $125,000 and couples with incomes up to $225,000 now qualify fir the first time homebuyer or move-up tax credit. However, the $800,000 maximum cost of the home qualification rule remains the same.
Under the new “move-up portion of the legislation:
· You must sign a contract to purchase a new residence, by April 30, 2011, and close on that home by June 30t, 2010, and, again, begin immediately (or virtually immediately) use the new home as your primary residence.
· Under the ...
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