Tax Credit

Can I Get the Home Buyers Tax Credit? You Can If You’re in Prison !!

Who says serving a life sentence doesn’t come with perks?  Despite being in prison, nearly 1,300 inmates wrongly received more than $9 million in new homebuyer tax credits.  After all, isn’t it possible to buy a home while you are in the slammer?  Is this a qualification exclusion that the guidelines neglected to mention?  Not only did 1,300 [...]

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Tax Credits For Energy Efficient Home Improvements for New Jersey Homeowners: Insulation, Windows, Heaters And More

Congress has extended the energy efficiency tax credits for most homeowners through the end of 2010.  If you’ve been looking to upgrade your windows and doors, air conditioner system, water heater and other appliances, you may qualify for a tax credit. In fact, some tax credits for home improvements will be available until 2016.  If you purchase an energy-efficient product for your home, [...]

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Here’s Another Tax Credit You Might Not Know You Can Claim

Let’s see if you might qualify. Last year, over 23 million people took advantage of a tax break called the “Earned Income Tax Credit.”  And the IRS handed down $50 billion in benefits. Want your own personal stimulus?  Keep reading and check to see if the Earned Income Tax Credit (EITC) can put some dollars [...]

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Get Set, Get Ready to File Your Taxes and Claim Your Home Buyer Tax Credit

Are you planning to claim the home buyer tax credit when you file your taxes?  If the answer is yes, here are a few things you need to be aware of as you organize your documents. Most important and unknown to most people is that you will NOT be able to do a quick efile if [...]

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The “New” FHA Mortgage for 2010 – After April 5, It Will Cost You More $$$$

Effective April 5, 2010, it will cost you more to buy a home using FHA.  With the market still trying to correct itself, FHA has insured more mortgage loans than ever before over the past 18 months.  More loans mean more risk is being assumed.  With more risk comes greater cost – passed on to the [...]

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The 2010 Home Buyer Tax Credit Made Simple. Learn the Facts and Know the Exceptions

When Congress opted to extend the home buyer tax credit on November 6, 2009, the credit was no longer a “first time” buyers credit. Under the program’s new terms, first-time buyers are eligible for up to an $8,000 in tax credit.  Those already owning a home ( ”long-time” homeowner) get up to a $6,500 credit.  A “long-time” homeowner, [...]

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Don’t Miss Out on the Huge Rebates & Tax Credits Available for Upgrading Your Home Appliances

The push has never been more fierce to get people to buy or switch to more efficient appliances. As an inducement, the government is offering rebates and tax credits.  Pretty decent amounts too.  Enough so that people who need appliances and can afford to buy would have no reason to delay the purchase. If your [...]

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The “Move Up” Home Buyer Tax Credit. Or Get a “Move Down” Credit Too

With the drop in property values, there are more than a few buyers who are “moving on down” to a home that costs less than the one they currently own.   Contrary to some of the information being banted about, the tax credit is equally available to homeowners who purchase down in price.  The price of the new home [...]

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What You Don’t Know – BUT Should Know – About The Home Buyer Tax Credit

The IRS has tightened up the ship on the monitoring of tax filings where the taxpayer is claiming the Home Buyer Tax Credit.  There has been far too much fraud and abuse.  People have actually claimed the credit who were not entitled to it.  Imagine that. In some instances, it seems the IRS is making [...]

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How To Max Out Your New Jersey Home Buyer Tax Credits to $9500.00

We all know about the $8,000.00 max credit for new home buyers extended until April 30, 2010.  But how many know about the additional $1,500.00 available on top of that?  Here’s how to get it. I challenge someone to show me the buyer who moves into a New Jersey home and doesn’t need something improved.  [...]

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Obama Tax Credit Could Cause Millions to Owe More Federal Taxes

Part of President Obama’s economic stimulus package included a tax credit called “Making Work Pay.”  Great in concept.  But, but, but, it could lead to over 15 million taxpayers owing additional taxes.  This was spelled out in a recent government report by the Inspector General for Tax Administration. The Making Work Pay Tax Credit, which [...]

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Homebuyer Tax Credit Extended Until April 30, 2010

After much debate and discussion, the Homebuyers’ Tax Credit has officially been extended to April 30, 2010.  The housing tax credit extends the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30 deadline until April 30, 2010.  It also expands the program to offer a credit of [...]

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