First-time homebuyer credit is really something special for 2009. It has greatly enhanced the tax credit offered in 2008 and corrected several issues that lessened the sweetness of the 2008 credit.
The good news of a TAX CREDIT for first time homebuyer in 2008 is now not so great. On the 2008 tax return, a tax credit of $7,500 was seen. In 2010, the taxpayer must start making annual repayments of $500, which continues for the next fifteen years, unless the house is sold earlier.
Choosing the correct business form can be a difficult task. As a CPA, I see new businesses every year. Some could be operated more efficiently in a different business form. This Blog will go through some of the characteristics of the various business forms and help to identify the best form for your business.
If you are like most businesses, your year end is December. That gives you a month to plan for the year end taxes.
Here is a summary check list of areas to address for begin the year-end planning process:
Please take note of this: I have been getting these for almost a month, and normally a couple of times a day. The sender is Internal Revenue Service. The e-mail is titled, “Notice of Underreported Income”. This is the body of the e-mail:
Every year QuickBooks release a new product. This year the release is scheduled for September 28, 2009.
FBAR – Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1, is extended again! This time it is out to June 30, 2010 for FBAR reports for the years through 2008, and by then, also, 2009. This only applies to Selected people. The selected people are those who have cominged funds, and those who are only signers on accounts.
Everyone is involved in this process now. The big brokerage firms, the big law and CPA firms, and, of course, the IRS and Treasury department.
September and October is the perfect time to begin tax planning for this year.
For individuals, this is the best time to start the year-end planning. The year is over half-way done and it is possible to see to the end of the year for the purpose of knowing how the year will end up.
What information is handy to gather for a tax planning review?
August 28, 2009 – If I have off-shore money, can the IRS take all of my money?
This is a hot topic right now. The IRS has for years had rules for reporting income from all sources, world wide. There is a treasury form which is to be filed annually by June 30th for prior calendar year. This year the filing date has been extended until September 23rd.
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