Archive for December, 2009

The CP-21B and Other Forms You Need for the First Time Home Buyer’s Tax Credit

Monday, December 28th, 2009

If you’re confused about the First Time Homebuyers’ Tax Credit, you’re not alone. Months after it was enacted, this tax credit is still causing taxpayers trouble. It’s not just the long delays—not just the constantly changing rules—not just the extra work on top of the already complex process of buying a new home. No, the big problem with the first time home buyer’s credit is all the new forms you have to deal with.

Here’s a quick list of the more common ones: where you get them, what you do with them, and what to watch out for.

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The New Car Tax Deduction is a Great Deal for Car Buyers

Tuesday, December 15th, 2009

Planning on buying a new car? Now might be the best time. The American Reinvestment and Recovery Act, commonly known as the Federal Stimulus Bill, provides some enticing incentives for purchasers of new cars and several other types of motor vehicles. The incentive is in the form of a tax deduction on your 2009 tax return. The initial form of the legislation provided for a tax credit, but the final legislation that was passed made it into a tax deduction. Depending on your income level and the vehicle you are planning to buy, this benefit could yield a fair chunk of change in your pocket.
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