Homebuyer Tax Credit Extended

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Taxpayers who entered into a contract to purchase a home on or before April 30th now have until September 30th to close on the home. According to the IRS, anyone who is attempting to claim the homebuyer credit will need to comply with special filing and documentation requirements. See what other information you need to [...]

First time home buyer scores $8,000 tax credit

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There’s a nice windfall for some homebuyers in the economic stimulus bill signed into law this week by President Obama.

Who is eligible? Tax credit for First time home buyers only, no exception. Well, actually there is one exception: Buyers may not have owned a home for the past three years to qualify as “first time” [...]

What is there for me in Stimulus Bill?

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As we all know, today President Obama signed $787 billion stimulus package and converted in law.  How to explain in simple words? If you ask Obama, he will say Jobs, Jobs and Jobs! If you ask economist, he will explain in simple word to his son/daughter, government stole his/her kids’ savings from piggy bank. It [...]

Eager for your tax money rebate? Make sure you get it without delay

If you are expecting a refund on your federal taxes, ou probably want your money as soon as possible. Why even leave your money with uncle Sam for free? The IRS offers some options for filing your return that can have your refund in bank account as soon as two weeks. Last year, 73 million [...]

State tax free day + Back to school deals: Sweet Combination

Technically, we are half way through summer, but many people are running and scheduled themselves as per school starting day (calendar year schedule.) Mostly all school are starting sometime between second week of August and first week of September.
In recent years, many state started cheering shopping, to support local economy, by offering ‘state tax-free day’. [...]

When to receive an economic stimulus check if filed an extension?

We all know about when people will receive their stimulus check if they filed their tax return before April 15, 2008 for tax year 2007. But when to receive an economic stimulus check if you filed an extension for tax return form 4868 (because dog ate my W2 form!!) and filed a tax after April [...]