Author Archive
$8000 Tax Credit For Home Buyers
As part of the American Recovery and Reinvestment Act of 2009, new home owners may be able to get a $8,000 tax credit if they qualify. The tax credit is worth $8,000, or 10% of the home value, whichever is lower. Qualifications include:
You must be a first time home buyer
You must purchase by April 30, [...]
President Obama’s Homeowner Affordability and Stability Plan
What is the tax benefit that you might have from this plan?
This Stability Plan is part of the President’s comprehensive strategy to get the economy back on track. The plan will help many home owners restructure their home mortgages and avoid foreclosure or help save money on their mortgage. Every MORTGAGEE should try and [...]
American Recovery and Reinvestment Act of 2009
Past week Congress had passed $827B stimulus package and then Senate followed suite with the modified bipartisan bill of $787B. On Feb 13th 2009 Congress made further changes and modifications and passed $787B bill with the majority voting 246-183. Now it will go back to Senate for a final approval and it is hoped to [...]
New Home Buyer Tax Credit – 2009 Economic Stimulus Package
As per the current news (Feb. 9th 2009), there are provisions in the $827 Billion economic stimulus package proposed by Congress and President Obama, that includes $15,000 tax credit for a first time home buyer. This can give tremendous jolt to the US economy in a positive way and can stimulate home purchases by thousands [...]
2008 Federal Income Tax Changes
There are many changes in the 2008 tax filing, here are some important one discussed. You must refer to IRS publication if you need more detail. Hopefully this will serve as a guideline for you to pick one that applies to you.
· First-time homebuyer credit. You may be eligible to claim a credit of [...]
Earned Income Credit (EIC) Tax Information
The earned income credit, also known as the EIC, is a very important tax credit to accept in your federal tax return if you qualify for it. The EIC will help you to reduce the amount of money you owe in taxes or give you a bigger refund. However, it is important to make sure [...]
USA Retirement Plans Glossary of Terms
IRA: This individual retirement account that is funded with before tax money. That means this is a tax-qualified retirement savings account and it is maintained by employee and is not sponsored or contributed to by an employer. That means you can deduct the amount you contribute from your income giving you tax savings in the [...]
When Should You Think About Taxes?
When Should You Think About Taxes?
Most people will answer “in the beginning of the year and around April”. That is a wrong answer. One should think about taxes all the time. Last minute awakening will not help you gain benefit of all the deductions that you are entitled to.
Tips that you should remember
You must prepare [...]
New Year Resolution Should Include 401(k) checkup
Lot of people have 401K savings plan for their retirement, however only few understand it’s devastating effect if proper information is not provided to the plan organizer. I urge you to use this New Year’s time to assess your retirement plan. To ensure that you do not miss out on your retirement planning, review the [...]
Property Tax Money Saving Tips
There are more than ~75M single family home owners in the United States and many of them can benefit from the information that I have provided here. These are simple tips that can save you money not just one year but every year.
Exemptions and Credits
You can lower your property tax bill by applying for various [...]
