Is cash for clunkers taxable? Yes, no, maybe. Even though the Cash for Clunkers program ended, the cash for clunkers tax is generating debate. The cash for clunkers tax is confusing because people are mixing up three kinds of taxes: federal income tax, state income tax, and state sales tax. On top of that, it [...]
The $8,000 First Time Home Buyer Tax Credit just got even better! You can now get an advance on your $8,000 tax credit at the time you purchase your home. It allows buyers to use the tax credit for closing costs and additional down payments instead of waiting until you file your tax return. It’s [...]
Tax day is here! Have you filed your tax return yet? If not, you can always file an extension. Don’t forget that the first 2009 estimated tax payment is also due today. Lots of first time home buyers are planning to file for the 2009 $8,000 First Time Home Buyer Tax Credit on their 2008 [...]
Think filing an extension is only if you haven’t finished your taxes? Think again! An extension is actually a powerful tool to lower your tax bill, or place a hedge against your taxable income next year. Tax Extension Taxes are due on April 15, but an extension will get you an extra six months to [...]
The $15,000 home buyer tax credit that was scaled back in favor of an $8,000 First Time Home Buyer Tax Credit in the economic stimulus plan is showing signs of life again! Last week, Republicans proposed the Responsible Homeowners Act, which revives the $15,000 home buyer tax credit. $15000 Home Buyer Tax Credit The proposal [...]
