The first time home buyer tax credit was extended to April 30, 2010. The President signed legislation to
First Time Home Buyer Tax Credit
extend the $8,000 first time home buyer credit and provide a new $6,500 credit for longtime homeowners who purchase a new home.
First Time Buyer Credit Extended
The old credit was to expire November 30, 2009, but the new law provides for qualifying buyers who sign a binding contract by April 30, 2010 and close by June 30, 2010.
New Home Buyer Credit
The first time home buyer is not just first time buyers, but anyone who has not owned a home in the last three years. This opens the credit to many more buyers who lost their homes and are just now trying to re-enter the market. There are some earnings restrictions that apply, but most new home buyers will qualify.
Existing Home Owners Who Upgrade
Longtime homeowners, those who have owned their home for at least five of the last eight years, can also qualify for a $6,500 credit. Again there are some earnings and purchase price restrictions, but most home buyers will qualify.
The Tax Help website has some additional information that you might find helpful.
There is some free tax help available online. However most is very general and not very helpful. You need the
Free Tax Help
advice of a tax professional problem solver and there are some tax professionals that specialize in solving tax problems. These tax professional deal with the IRS almost daily and can quickly analyze your tax problem and provide some valuable advice. Too many tax accounts or tax preparers do not have the tax knowledge and skills to know how to structure and prepare your tax return to maximize your available deductions. Unfortunately the IRS will not provide good tax help either concerning available deductions. If you have any questions and need tax help the deductions allowed and the tax savings obtained can more that help offset any professional fees you pay.
The Tax Help website has some additional information you find helpful.
With good tax help information you will better understand how to effectively deal with the IRS.
Tax Help
The most important thing you should do when contacted by the IRS is respond promptly within the time allowed. If you have any questions or concerns you can contact them over the phone or request additional time to gather requested information and make a response. If you need help with your return or think the matter is serious enough then you should contact a tax professional problem solver for some needed and important tax advice. Tax help professional problem solvers can help put you at ease about your tax concerns since they deal with the IRS frequently and better understand what needs to be done to keep your concerns or issues from escalating. Oftentimes tax help professionals can help structure significant tax reductions that will more than offset their professional fees and provide you the needed peace of mind.
