The First Time Homebuyer credit is now extended!
Good news for both future and current homeowners! On November 6, President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009,
which extends the First Time Homebuyer Credit (see below) to apply to homes purchased before July 1, 2010 by any taxpayer over the age of 18 and is not a dependent who enters into a written binding contract before May 1, 2010, to close before July 1, 2010. The Internal Revenue Service web site has several pages detailing the intricacies of the expanded credit: http://www.irs.gov/newsroom/article/0,,id=215791,00.html?portlet=7 2010 Tax Rules
IRS standard mileage rates beginning January 1, 2010
- Medical (if you drive your private vehicle for medical appointments): $0.165/mile
- Moving (if you drive your own vehicle when relocating due to new job or change in job location when new job is at least 50 miles from former home): $0.165/mile
- Charitable work (if you drive your private vehicle for volunteer work): $0.14/mile
- Business (primarily for self-employed taxpayers and employees who use their own vehicles to conduct business for their employers): $0.50/mile
What's New for 2009 Tax Returns
In a nutshell, there are a lot of new things on the horizon for this filing season, such as:
- the Making Work Pay Credit --new form Schedule M
- the sales tax deduction for new car purchases --new form Schedule L
- Low and moderate income families with qualifying children can list three children on Schedule EIC, but there are income phaseouts for the EITC
- Business owners can use 50 percent bonus depreciation for assets acquired and placed in service in 2009
Ten simple facts about making charitable contributions
Here is a link from the Planned Giving Design Center with links from IRS regarding charitable contributions: http://bit.ly/aqIEEP