The Tax Preparation Blog

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Just recently the U.S. House of Representatives decided to pass a new bill that will grant an extension and expansion of the Federal Tax Credit for First-time Home Buyers. This extended tax credit will be good through April 30th, 2010 that now also includes a 60 day extension should there be a binding contract in place prior to the deadline.

The tax credit for first time home buyers will still stand at a tax credit of up to $8,000. Existing homeowners however, will receive a reduced credit of up to $6,500. In order to for existing homeowners to be eligible for the $6,500 tax credit, they have lived in their current residences for at least five years. Another change in the bill is an increasing of the qualifying income limits. Single tax filers’ income limits were once $75,000 and joint filers were once $150,000. The new qualifying income limits are $125,000 for single tax filers and $225,000 for joint filers. The purchase price of the home is capped at $800,000. These new changes are aimed to encourage existing home owners to sell their first homes in exchange for purchasing larger and more expensive homes, basically their dream homes.

Additional stipulations in the bill include the ability for taxpayers to claim the credit on purchases that are completed in 2010 on their 2009 income tax returns. The bill also maintains that the home buyers utilize the home as their primary residence for 36 months after its purchase; otherwise the credit must be repaid. However, for any active duty military personnel this requirement is waived should they need to move due to military order.

So far this tax credit has had great success. According to the California Association of Realtors, “nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.”

For more information on the extended First-time Home Buyer Tax Credit contact the experienced and knowledgeable agents at Realty Executives Dillon. The agents at Realty Executives Dillon can offer you an expertise that is unsurpassed in the San Diego County real estate field. There are hundreds of property listings all throughout San Diego County and seasoned real estate agents are exactly what you are going to need to navigate your way. So for the best San Diego real estate services you could hope to find, visit Realty Executives San Diego.

The Top 10 Stories Of 2009

1: Burbank Police’s year of problems: A barrage of outside investigations, lawsuits filed against the city by current and former officers, a police sergeant taking his own life on a residential street and a no-confidence vote in the police chief just days after he announced plans to retire made for a turbulent year at the Burbank Police Department.

California Tax Commission Seeks More Power

NASDAQ OMX Group and IntercontinentalExchange Respond to NYSE Euronext Board’s Summary Rejection of Superior Proposal

The NASDAQ OMX Group, Inc. 11.04.2011 03:17 ————————————————————————— Board of NYSE Euronext Wants to Deny Stockholders Benefit of Superior Proposal Significant Execution Risks with Deutsche Boerse Proposal Reaffirms Proposal that Delivers Significantly More Value to NYSE Stockholders NEW YORK and ATLANTA, 2011-04-11 03:11 CEST (GLOBE NEWSWIRE …

TEDxHouston – Rick Pal

April 18 deadline looms for taxpayers

Less than two weeks remain for residents to file their taxes.

House Session 2011-01-06 (12:00:18-13:02:17)

Question: Please provide the depreciation chart (2008-2009)as per income tax in india?

Answer: go to income tax department website

Short Takes for April 3 – 9, 2011

Our weekly compilation of the short stories posted on the left side of our page. Sunday, April 3 Current Guns N’ Roses guitarist DJ Ashba will be having surgery for a 9mm tear in his knee. Look for Aerosmith guitarist Brad Whitford on an upcoming episode of A&E’s Storage Wars where he’ll be brought in to help determine the value of some guitars won at auction. Elvis Presley ’s birthplace in …

THE OUTSIDERS – LIVE MELKWEG

Question: Hello friends i need following info?

I want to find out the income tax rates in western australia ?
do we have to declare and pay taxes on all our salaries and wages?
are we pay taxes only at the end of tax year or monthly it is deduct fro salary?

Answer: This may be some help, look up on the net, state required tax rate Western Australia.
You sound like you need an accountant and your tax should be deducted from you wage or salary unless you had made other arrangements and the end of the taxation year was 30/6/09.
Take care and remember you will have deductions such as the cost of travel. uniforms and more.

How Canada can learn from other countries’ tax choices

Most OECD countries had a better tax mix than Canada did in 2010, but even sensible tax policy does not guarantee sustained economic growth

Peter Schiff – First Ever Radio Broadcast Part 5 of 8

Questions And Answers April 12

1. Hon PHIL GOFF (Leader of the Opposition) to the Prime Minister : Does he have confidence in his Minister of Finance?

Accounting for Marketable Securities