UPDATE: $15,000 Home Buyer Tax Credit possible! Congress passed an $8,000 First Time Home Buyer Tax Credit for 2009. The $7,500 tax credit outlined below will still apply to homes purchased in 2008. UPDATE 2: The $8,000 First Time Home Buyer Tax Credit Extended the deadline until June 30, 2010. In addition, it will now [...]
I’ve been utilizing a tax strategy the last few years to take advantage of low tax rates. Huge deferrals and unpaid maternity leaves gave us some room in the 15% tax bracket to convert traditional IRAs to Roth IRAs, and even 401ks to Roth IRAs. Although we had to recharacterize some of it, we were [...]
In July taxes may be the furthest thing from your mind. In 10 Important Tasks for Your Mid Year Checkup I reminded everyone to assess their tax situation. Here’s a tax question that came up recently. With sky high gas prices, it could be a situation that affects many of you. Using Your Personal Car [...]
Each tax year brings a new learning experience. This year I learned all about recharacterizations, probably too much in fact! We found ourselves brainstorming a strategy to use recharacterizations to requalify for tax credits. Background We found ourselves in an interesting situation last year. Because we knew our income would be lower in 2007 due [...]
Photography by: corrinely Tax day is here! Luckily we filed our taxes this past weekend, so we won’t have to worry about staying up late to get them done tonight. Hopefully yours are done too. There are bound to be questions while finishing your taxes. Over the last couple weeks readers submitted some last minute [...]
