HURRY – as this credit expires December 2009!!! NOW is the time to make that move and receive your Tax Credit.
There is so much confusion, even with all the information out there – I think this handy brochure published by our Ohio Association of Realtors is the best way to easily explain so that you can understand if the Tax Credit will work for your purchase… (more…)
Always on the look out for good information- a different twist or thought for making something better for those who may be looking to make the most out of their situation. This clip from an article caught my eye – maybe it will be of interest to you as well?
Misconception #4: You can’t get the 2009 first-time home-buyer tax credit until you file your tax return next year.
Actually, taxpayers who buy a first home in 2009 do not need to wait until they file their 2009 return (by April 15, 2010) to benefit from the credit. To get the money into the economy faster, the federal government is giving you a choice of claiming the first-time home-buyer credit on either your 2008 or your 2009 tax return.
There’s actually a way to benefit from the credit even before you buy your first home. If you plan to buy by the November 31 deadline, you can reduce your withholding on your paychecks right away. The increased take-home pay could help you with the down payment. File a new W-4 form with your employer to adjust your withholding. (And remember to re-adjust your withholding again next year.)
If you have already filed your 2008 return, you can use Form 1040X to amend it. If you purchase a first home after the 2008 tax-filing deadline of April 15, 2009, you can still claim the credit on your 2008 tax return either by requesting a six-month extension for filing your return (which doesn’t extend the deadline for paying any taxes owed) or by filing an amended return.
7 Misconceptions About the Stimulus
by Kimberly Lankford
Thursday, April 9, 2009provided by
It can be confusing, especially since all the “hype” of last year’s tax credit. This easy to understand chart will help spell out BOTH tax credits and offer you a quick glance at whether or not an additional incentive for you to consider BUYING NOW… tax-credit-chart
As part of the on-going implementation of sweeping tax reform, Ohio has now fully eliminated the tangible personal property tax, which was applied to machinery and equipment, inventory, and furniture and fixtures.
Soon, Ohio’s corporate income tax will also be completely eliminated, making it just one of two states in the nation without a general tax on corporate profits and without a general tax on tangible personal property. CLICK HERE FOR MORE DETAILS!
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