Archive for February, 2009


First Time Home Buyer Tax Credit

If you purchased a new home in 2008 or plan to do so in 2009, you’ll want to know about the first time home buyer tax credits available.
2008 Home Purchases
Buyers can get a $7,500 First Time Home Buyer Tax Credit. The credit is 10% of the purchase price of your home, capped at $7,500. [...]


2009 IRA Limits

For 2009, the Traditional IRA and Roth IRA Limits remain unchanged from 2008.
IRA contributions can be made between January 2, 2009 and April 15, 2010 for the 2009 tax year.
2009 IRA Contribution Limits
 

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Economic Stimulus Plan Highlights

Included in the economic stimulus plan that Congress agreed upon yesterday are various tax provisions. The economic stimulus plan still needs to have the House and Senate votes before having President Obama sign it into law. The total bill is almost $790 billion.
Here are some of the highlights to tax law:

Home Buyer Tax Credit: [...]


Midwestern Disaster Area Tax Impacts

If you live in the Midwestern Disaster areas and were affected by the storms of 2008, there are various tax law changes for you to consider when filing your taxes this year.
The Midwestern Disaster areas include Arkansas, Illinois, Indiana, Iowa, Missouri, Nebraska, and Wisconsin. Specific counties are listed in Publication 4492-B.
Tax Changes
Here are highlights [...]


Earned Income Tax Credit

The earned income tax credit (EITC) is intended to help low to moderate income individuals and families and provide an incentive to work. The earned income tax credit is refundable, which means that even if the credit is more than the tax owed, you can still get a refund.
Earned Income Tax Credit Requirements
The maximum [...]


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