First-Time Homebuyer Credit
Every New Year brings with it the thought of having to file a tax return. Some may find excitement in this as others dread it. Of course some may be able to avoid the whole process altogether. If your income … read more
At the moment the first time homebuyer credit (and the related long-term resident credit) has not been extended by Congress. These credits expired April 30, 2010. However, if you entered into a binding contract prior to May 1, 2010, you … read more
Combating Your Tax Return – Part II: A Brief Overview of Special Tax Provisions for Members of the U.S. Armed Forces
Part II of “Combating Your Tax Return” continues with several additional special tax rules for members of the U.S. Armed Forces: • In order to be entitled to make contributions to an individual retirement account, an individual must have earned income … read more
Previously, Mike Anderson and Jill Helm had provided certain information regarding the first-time homebuyer credit. This blog will provide additional information regarding the residency requirements for individuals and married couples. For first-time homebuyers that are married, both spouses have to meet … read more
As Michael explained in yesterday’s post, the IRS just extended and expanded the first time homebuyer credit. This may leave you wondering if your home qualifies for the credit. I would like to mention a few unique circumstances that may … read more
The newly passed Worker, Homeownership, and Business Assistance Act of 2009 extends the first time homebuyer tax credit and expands the credit to some existing homeowners. The first time homebuyer tax credit originally applied only to purchases made prior to … read more
Recently the IRS warned taxpayers to beware of this type of scheme by making sure the tax preparer is providing good information related to taking this credit and that all the requirements are met. The IRS announced its first successful … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
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