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Taxes Articles

Posted on April 15   By Peter Andrew
Tax planning is a complicated business, and it's not possible to describe in a short article all the different rules that apply in every situation. If you'd like more information on points raised below, please visit Publication 936 on the IRS's website. 1. Interest deductions on home loans aren't for everyone According to the Tax Policy Center, only about 30 percent of American taxpayers itemized their deductions in 2010, the rest preferring to claim their standard allowance. True, you might thi.... Read More...
Posted on February 13   By MLP Blog
Washington, DC – Many consumers will enter this year’s spring home buying season with a new tax deduction that can put extra money in their pockets when they file their taxes next year. The reason: a new federal tax deduction allows many qualified families to write-off premiums for private and government mortgage insurance on loans that close in 2007. This is the first time that homeowners with low down payment loans will be able to deduct the cost of their mortgage insurance premium.... Read More...
Posted on February 13   By MLP Blog
The chairman of the Federal Reserve this week sought to calm fears in financial circles about the economic impact of the continuing subprime market collapse. In a speech given in Chicago, Ben Bernanke said the Federal Reserve is examining ways to scale back on roughshod tactics by mortgage lenders, which has helped contribute to the continuing crisis. But he also stressed that the fallout will not significantly impact the American economy overall. "We do not expect significant spillovers from th.... Read More...
Posted on May 19   By MLP Blog
Housing starts and home sales got a nice bump in March and April as the $8,000 tax credit for first-time buyers came to a close. The landmark program, along with its $6,500 companion credit for existing homeowners, has helped prop up the flailing housing market and inject some confidence into the greater economic landscape. There have been rumblings that the successful-but-costly program might get a third extension. But that’s increasingly unlikely. Representatives of both the National Associ.... Read More...
Posted on November 17   By Justin McHood
As with many good things in life - there are always a few people who are doing what they shouldn't. In this case, there are quite a few people claiming that they are eligible for the 8000 tax credit when in fact they are not eligible for whatever reason. If someone tries to claim the 8000 tax credit and is not eligible, this is considered tax fraud. And according to the AP, there are more than just a few people who are trying to claim the tax credit that shouldn't be. Treasury Inspector Genera.... Read More...
Posted on November 17   By Justin McHood
With the success of the $8000 tax credit for first time home buyers in 2009 - Congress has recently decided to add an additional incentive for people who are not first time home buyers - but move up home buyers. Move up home buyers are those people who currently own a home, but go out and buy a different home (usually a bigger or nicer one) to live in as their primary residence. For much of the 1990's and early 2000's, the move up home buyer was the backbone of the housing market. According.... Read More...
Posted on November 16   By Justin McHood
Recently, the $8000 tax credit was extended and expanded to also include a $6,500 tax credit for move up buyers. The tax credit has been popular with people who are first time home buyers and there was quite a bit of discussion as to whether or not Congress would/should extend the deadline beyond the original November 30, 2009 deadline. But with the tax credit extension now official, here are a few of the highlights courtesy of CNN: The legislation also will extend the $8,000 homebuyer tax cred.... Read More...
Posted on October 25   By Justin McHood
Is it too late to claim the first time home buyers tax credit? No. As it stands now, it officially ends on November 30, 2009 - which means if you are currently under contract and are in process of getting financing, you will still probably close in time to claim the $8,000 tax credit. But if you haven't picked out a house and gotten an accepted sales contract and are currently working on getting financing approved then you are probably too late. Unless congress does something to extend and/o.... Read More...
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