Both 2008 and 2009 have been hard years for charities, at the same time that more and more individuals are seeking charitable help for the first time. Let’s face it; even those of us with jobs have found ourselves scrimping more, perhaps running out of money at the end of the month, or cutting back […]
Good news for existing homeowners! You’ll finally be eligible to take advantage of the home buyer tax credit. When the President signed a bill today to Extend the $8,000 First Time Home Buyer Tax Credit, it also included a provision for existing homeowners, referred to as long-time residents. To qualify as a long-time resident, you […]
The $8,000 First Time Home Buyer Tax Credit that was set to expire on November 30 was extended today. The new deadline to take advantage of the first time home buyer credit is to have a signed contract by April 30, 2010 and close on the house by June 30, 2010. Update: The first time […]
Estimated Tax Payment Due
Posted byApril 15 is driven deeply into our minds. However, for those of you who have side businesses or are newly self employed, it’s easy to forget the dates throughout the year when estimated tax payments are due. I’m guilty of forgetting just last June. So here’s a reminder, for you (and me!) to pay our […]
Is There a Cash for Clunkers Tax?
Posted byIs 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 […]
Ask Madison: Last Minute Tax Questions
Posted byTax 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 […]
The Make Working Pay tax credit was included as part of the American Recovery and Reinvestment Act. Beginning in the next few weeks, you’ll begin to see the money in your paycheck. Make Working Pay Tax Credit The credit is $400 for working individuals and $800 for married filing joint. The refundable credit is available […]