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November 2009

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Federal tax credit for home buyers extended and expanded

Subprime ploys in reverse mortgage market put seniors at risk, says a new report (pdf) from the National Consumer Law Center.


Federal tax credit for home buyers extended and expanded.

The Congress has now passed a bill extending an $8,000 tax credit for first time home buyers. First-time buyers will need to have a contract on a home priced up to $800,000 by April 30 and close by June 30, 2010. Income limits for claiming the credit are increased to $125,000 for individuals and $225,000 for couples. The bill also for the first time offers a tax credit of $6,500 to current homeowners who wish to buy a new home and have lived in their current home for five of the last eight years. For more information, see this page on the IRS website.

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March 2010

Census Forms will soon be appearing in mailboxes. Check out the Census 2010 site for answers to questions, how the process works, and why the census is taken every 10 years.

1040 Central
Check out this section of the IRS website for tax law changes, tax fraud alerts, first-time homeowners credit, frequently asked questions, and much more.

Track down the best tax preparer
Looking for someone to prepare your taxes, then this article gives you tips on how to find the best one for your situation.

Watch Out! Here's what's not covered by the CARD Act
This article from Consumer Reports describes some practices that the CARD Act doesn't cover.

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