The Tax Lady Roni Deutch Provides Last Minute Tips For Using The First Time Homebuyer Credit

North Highlands, CA (PRWEB) October 29, 2009

Tax attorney Roni Deutch recently published an article on her blog providing last minute tips to utilizing the first time homebuyer credit.

"Early in the year, Congress enacted an $ 8,000 tax credit for first time homebuyers purchasing a house between January 1st and November 30th of this year," asserted Deutch on her blog. "As you can tell, that November deadline is just around the corner. In order to qualify, your house must close escrow on or before that date. The IRS even states that you may not claim the credit in anticipation of a purchase that has yet to happen."

Below are a handful of the tips Deutch published to her blog explaining how to take advantage of the first-time homebuyers credit. To read the full article, you can check out Roni Deutch: The Tax Lady Blog.

Beating the Deadline

If you plan to take advantage of the credit but have not already begun the process of buying a home, you are probably too late. Even after you have an accepted offer, and received approval on a loan, it can take 30 to 60 days to close escrow. Additionally, title and escrow companies are being swamped with purchases that need to be completed before December 1st, which will likely cause delays if you are trying to close escrow at the last minute.

On the other hand, if you have already begun the process [What process are you talking about?][How does this sentence conform to the second sentence in the paragraph above?], then there are a few things you can do to make sure you beat the deadline. Depending on what stage in the game you are at, you want to make sure that you have all of your ducks in a row. Tell your real estate agent, loan officer, and title company that you are in a hurry and push for as short of a close of escrow as possible.

Qualifying as a "First-Time" Homebuyer

There has been a lot of confusion over the phrase "first-time" homebuyer, as you can actually qualify for the credit if you have bought a home in the past. As long as you have not owned your principal residence within the last three years, then you qualify for the credit. This means, that if you owned rental property and have rented it out for the past three years while residing elsewhere (in property you do not own), you qualify for the credit. So, if you purchased any property this year, then I would highly recommend speaking with a tax professional to find out if you qualify or not. You may be pleasantly surprised.

Non-Houses Qualify Too

As I mentioned before, if you purchased any property in the past year you may qualify for the credit. It actually applies to multiple different types of property including condos, townhouses, motor homes, and even houseboats. As long as the property is your principal place of residence, you can qualify for the credit. Therefore, a summer or vacation home would not qualify.

Millions of people recognize tax attorney Roni Deutch as The Tax Lady?. She has been helping taxpayers nationwide resolve their tax liabilities for over 18 years. As an industry leader, she has saved her clients tens of millions of dollars and has helped thousands of families settle their back taxes. To learn more about The Tax Lady Roni Deutch, you can visit her blog or YouTube profile.

About Roni Deutch, A Professional Tax Corporation

Roni Deutch, A Professional Tax Corporation is a nationally recognized law firm that has been helping clients find solutions to their back tax liabilities for over 18 years. To find out more about the law firm or its IRS tax relief services, visit their website at RoniDeutch.com or call 1-888-TAX-LADY.

The Tax Lady's Guide To Beating The IRS And Saving Big Bucks On Your Taxes

(BenBella Books, February 15, 2009, Paperback Price: $ 16.95, ISBN 978-1-933771-77-9)

Contact:

Nicole Elton

Roni Deutch, A Professional Tax Corporation

877-232-8477 Ext. 2410

http://www.ronideutch.com

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NAEBA: Still Time to Claim Up to an $8,000 US Tax Credit for Home Purchases

Avondale, AZ (PRWEB) March 5, 2010

Homebuyer tax credits of up to $ 8,000 established in 2009 federal legislation are set to expire at the end of April, but there is still time for new home buyers and even existing home owners to take advantage of these substantial incentives to purchase a home, advises the National Association of Exclusive Buyer Agents (NAEBA).

New home buyers can qualify for as much as an $ 8,000 federal tax credit, and existing home buyers can claim up to $ 6,500 off their US income tax bill, for purchasing a new or existing home as a principal residence anywhere in the United States providing they have a binding sales contract on or before April 30, 2010 with the closing completed by June 30, 2010. And NAEBA stresses that these are tax credits, not simply tax deductions, so taxpayers may reduce the amount of tax they owe dollar-for-dollar for the qualifying tax year.

There are also special rules in the legislation for U.S. military personnel, members of the Foreign Service, and employees of the intelligence community, giving a one-year extension of these dates for those service members ordered on a period of official extended duty. A ?qualified service member? may enjoy the tax credit for a binding home purchase contract completed before April 30, 2011, with a sale closing before June 30, 2011.

NAEBA is a pioneering nationwide association of real estate agents who exclusively represent the needs and goals of buyers in home purchasing transactions. Using an exclusive ?Buyers Bill of Rights,? NAEBA agents by contract remove the traditional conflict of interest inherent in most residential real estate transactions where the agents on both sides of a purchase are obligated to the sellers.

The home buying tax credits were created in last year with the enactment of The Worker, Homeownership, and Business Assistance Act of 2009. Both first-time homebuyers and move-up/repeat homeowners may qualify for the tax credits if their individual income does not exceed $ 125,000, or is no more than $ 225,000 for married couples filing joint returns. There are proportionally reduced tax credit amounts for people exceeding these income levels. The tax credit is equal to 10% of the home?s purchase price up to a maximum of $ 8,000 for first-time homebuyers, and 10% of the home?s purchase price up to $ 6,500 for repeat buyers.

A ?first-time buyer? in defined in the legislation is defined as someone who has not owned a principal residence during the three-year period prior to purchase. If the home is sold or the purchaser ceases to use the home as a principal residence within three years of the initial purchase, the tax credit must be repaid.

For repeat home buyers to qualify for the tax credit, they must have owned and lived in their previous home for five consecutive years out of the last eight years, and the three-year ownership and occupation provision to avoid repayment of the credit also applies.

In all cases, the homes in question must have a purchase price of $ 800,000 or less, and they cannot be purchased from or among other family members, including spouses, parents, grandparents, children or grandchildren.????

The home buying tax credit may be claimed for the purchase of any primary residence, as defined in the IRS Code for calculating the capital gain tax exclusion for principle residences, including single-family homes, new homes purchased from a homebuilder, attached homes, townhouses, condominiums, manufactured homes (mobile homes) and houseboats.

There are even provisions in the law for home purchasers using FHA-insured mortgages to ?monetize? their tax credit, by applying the anticipated credit amount toward their home purchase immediately. These funds may be used for down payments and closing cost expenses in many cases.

NAEBA officials point out that with just over two months left to qualify for the tax credit through a binding home purchase sales contract, there is still ample time to take advantage of these unique money-savings opportunities. All NAEBA agents are well schooled in the qualifications and provisions of the tax credit legislation and can assist home buyers in every aspect of qualifying for and preparing to claim their tax credits.

NAEBA was established in 1995 by real estate agents who recognized the need to establish guidelines to protect the best interests of buyers in home purchasing transactions. The association maintains a rigorous list of membership requirements, including Certified Exclusive Buyer Agent certification, ongoing education, and state-by-state knowledge bases that ensures each NAEBA agent is an expert in both national and local real estate laws, markets and practices.

For more information about NAEBA and to find a NAEBA agent locally, visit the association?s website at http://www.naeba.org, use its Find An Agent Form, or call the NAEBA Referral Service at 800-986-2322.

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Horizon Business Solutions Announces Savings of Over $34,000 for Clients Taking Advantage of Health Care Tax Credit in 2011

Reynoldsburg, OH (PRWEB) January 12, 2012

Tracy Russ, an accountant with Horizon Business Solutions (Horizon), says that in 2011 the small business health care tax credit saved their clients a total of $ 34,776. Out of 100 clients Russ says 16 received the credit. And while preparation for the credit does require a little extra work for both the client and the accountant, Russ says ?On average, it takes 1 to 1.5 hours,? a small time investment for such savings.

Few businesses are taking advantage of the credit and Horizon is encouraging small businesses and tax-exempt organizations to do so. ?Most other CPA firms do not have the internal knowledge to easily calculate the credit,? says Russ. Still, businesses that were eligible but neglected to claim the credit in 2010 can still claim it by filing an amended 2011 return.

According to the IRS, the credit can translate into as much as $ 30,000 in savings over a three year period. The credit is for small businesses and tax-exempt organizations. Small businesses are defined as businesses that employ 25 or fewer workers with average incomes of $ 50,000 or less.

Here?s how it works: small employers who pay at least 50 percent of health insurance premiums for employees qualify for a credit of up to 35 percent of the premiums paid for tax years 2010 to 2013. Tax-exempt organizations are eligible for a credit of up to 25 percent of premiums paid. Beginning in 2014, the credit will go up to 50 percent of premiums paid for small businesses and 35 percent of premiums paid for tax-exempt organizations.

?I think it?s a great credit,? says Horizon?s Russ, adding that while it is not a dollar for dollar credit, ?the client is still ahead.?

Concerns over the potential impact of health care reform on small businesses have prompted the formation of several nonprofit small business advocacy groups, including the Small Business Majority. The New York Times quoted a study conducted by the group which concluded that half of companies with nine or fewer workers do not currently provide employee health coverage. The group concluded that many of the new changes benefit small businesses by helping them afford health benefits for their workers. The small business health care tax credit is one of the benefits to small business owners and tax-exempt organizations.

According to the New York Times, the group?s chief executive, John Arensmeyer says, ?Small businesses want to be part of the system, adding, ?They don?t want to shirk their responsibilities,? But, ?the system needs to be fixed.?

While the tax credit provides a great benefit for many small businesses it is not without problems. Horizon?s Russ warns, ?One problem lies with family stipulations. You can?t include members of a family working for a business?.With small businesses it is common for family members to work there, so they typically don?t qualify for this reason.?

Still, the tax credit can provide relief for many small businesses and tax-exempt organizations and it is scheduled to provide even greater relief over the next 3 to 5 years. Horizon encourages both small business owners and other tax preparers to take advantage of any opportunities to keep help keep small business viable and to increase profits.

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New Credit Card Processing Comparison Review Released

Fort Lauderdale, FL (PRWEB) January 27, 2012

When a new business would like to accept credit card payments for their sales, there are a number of processors eager for their business in the competitive industry. RateCreditCardProcessing.com the popular consumer site that provides real user feedback and comparisons of the leading payment processor services has announced a new comparison review just released.

The change is designed to help prospective business owners more quickly determine which provider is right for their business needs.

Visitors are encouraged to browse real consumer reviews provided by users of the various merchant services companies. Payment gateways, merchant account providers and secure credit card processors benefits and features are listed at a glance and the happy or unhappy customers are encouraged to share their experiences in an effort to help the next visitor select the best option.

"We have an active community simply paying it forward as it were, letting the next person know whether the company they are considering lives up to the hype." said Greg Wong, spokesman for the site.

He continued to add, "There have been a lot of people burned by hidden fees, confusing contracts and bait and switch marketing in this industry, and the community helps people avoid making the same mistakes."

The free resource is available online and its policy states that it accepts no banner advertising nor does it control the reviews submitted by actual customers of the companies listed. Visitors are encouraged to share their experiences, good or bad, with any of the merchant account providers currently listed in an effort to create a fair and accurate portrait of how well a company performs.

"A poor selection when partnering with a service to accept credit card payments can be incredibly costly, frustrating, and burdensome. With the help of the community, you can easily and quickly avoid the wrong choice, saving time, money and reputation for your business," said Wong.

Contact:

Greg Wong, Credit Card Payment Expert

http://www.ratecreditcardprocessing.com

(954) 247-4398

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CreditLoan.com Illustration Unravels the Complexities Surrounding Earned Income Tax Credit (EITC) Awareness Day

Apollo Beach, FL (PRWEB) January 27, 2012

Heard of the Earned Income Tax Credit? If not?or if so, but questions linger as to whether one might be eligible?take note: every year, people miss out on free money by not claiming the EITC. The IRS is sponsoring the 6th annual EITC Awareness Day this Friday, January 27, 2012, so be sure not to be left out.

The EITC is the largest federal benefit program for working people, but only 4 out of 5 eligible taxpayers claim their rightful EITC each year. That means that 20% of people who could be getting free money simply do not.

According to a recent CreditLoan.com illustration, about 1/3 of the population able to claim the credit shifts every year, so ineligibilty one year has no effect on eligibilty for the following year, etc.

Last year?s Awareness Day saw over 600 events, 15,000 assisted taxpayers and 57,000 people contacted via social media about the EITC.

Those who are married filing jointly and with 3 or more children are allowed the highest income bracket, $ 49,078 annually, to still qualify for the credit. They can earn up to nearly $ 6,000 from the IRS. With no qualifying children and no joint filing, the maximum income to qualify is $ 13,660 a year. However, one may still qualify for several hundred dollars.

Check the correct bracket when looking to determine qualifications and eligibilty . Checking one's city, county or state to determine if that area offers its own separate EITC on top of the federal credit.

In 1997, there were fewer than 20 million American workers, and the EITC only doled out $ 30.4 billion total. But in 2011, over 26 million American workers earned nearly $ 59 billion, with the average worker getting $ 2,240.

California and Texas had the highest payouts, with $ 6.48 billion given to qualifying taxpayers. However, Mississippi handed out the highest average per worker at $ 2,610.

The EITC is especially vital for impoverished workers and their families?it pulls 6.6 million people out of poverty each year. And while other federal assistance programs do amazing work, the EITC has a wider reach and a bigger payout. Temporary Assistance for Needy Families served just under 4.5 million people in 2011?17% of the number of people who received the EITC. Federal awards in 2009 nearly reached $ 21.8 billion?but that?s still only 1/3 of the EITC payout.

According to the IRS, several types of eligible people are at risk for missing the credit, including those with changed marital/parental status, Native Americans, disabled people/those with disabled children, and more.

21% of US children live in poverty, and they can be helped immensely when their qualifying parents claim the EITC. Families need to earn about twice the poverty-level income in order to support a family of four.

Don?t miss out this year. Spread the word about EITC Awareness Day on January 27 and claim any eligible credits when filing!

About CreditLoan.com

CreditLoan.com is a leading source of information for consumers that are seeking assistance with financial and credit services. Established in 1998, the site offers valuable one-stop access to data visualizations, financial calculators and loan applications. CreditLoan.com is headquartered in Apollo Beach, FL.

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