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- DUE DATES
- USEFUL WEBSITES
- FIRST TIME HOMEBUYER CREDIT
- ADDITIONAL CHILD TAX CREDIT
- EDUCATION TAX CREDITS
March 15 - Corporate / Partnership / S Corporation tax returns due
March 15 - Corporate /Partnership / S-corporation extensions due
March 15- Individual and corporate estimate payments due
April 15 - Individual tax returns due
April 15- Individual extensions due
June 15 - Individual and corporate estimate payments due
September 15 - Individual and corporate estimate payments due
September 15 - Corporate / Partnership / S-Corporation extended returns due
October 15 - Individual extended returns due
December 15 - Corporate estimate payments due
http://www.hab-inc.com/content/ BERKHEIMER
http://www.centaxgroup.com/ CENTAX GROUP
http://www.city.pittsburgh.pa.us/finance/ CITY OF PITTSBURGH
http://www.dli.state.pa.us/landi/site/default.asp DEPARTMENT OF LABOR
https://www.americanfunds.com/resources/tax/index.htm AMERICAN FUNDS
http://www.revenue.state.pa.us PA DEPARTMENT OF REVENUE
http://www.sba.gov/ SMALL BUSINESS ADMINISTRATION
http://www.treasury.gov/ US TREASURY DEPARTMENT
https://netlinksolution.pay1040.com/?aid=80458 Pay Federal Taxes Online
- First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify
WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.
The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
The maximum credit amount remains at $8,000 for a first-time homebuyer –– that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.
But the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.
For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.
A new version of Form 5405, First-Time Homebuyer Credit, will be available in the next few weeks. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.
A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.
Income Limits Rise
The new law raises the income limits for people who purchase homes after Nov. 6. The full credit will be available to taxpayers with modified adjusted gross incomes (MAGI) up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify.
For homes purchased prior to Nov. 7, 2009, existing MAGI limits remain in place. The full credit is available to taxpayers with MAGI up to $75,000, or $150,000 for joint filers. Those with MAGI between $75,000 and $95,000, or $150,000 and $170,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify.
New Requirements
Several new restrictions on purchases that occur after Nov. 6 go into effect with the new law:Dependents are not eligible to claim the credit. No credit is available if the purchase price of a home is more than $800,000. A purchaser must be at least 18 years of age on the date of purchase.
For Members of the Military
Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011.
For 2009, the child tax credit is worth $1,000 for each qualifiying child who is under age 17 at the end of the calendar year and who qualifies as a dependent. For 2009, the credit begins to phase out when modified AGI exceeds $110,000 for married couples filing jointly, $55,000 for married taxpayers filing seperately, and $75,000 for single filers, head of households and qualified widow(ers). The credit is reduced by $50 for each $1,000 or fraction thereof, of AGI about these thresholds.
Two credits available to help defray the cost of higher education. The Hope Credit, now called the American Opportunity Tax Credit worth up to $2,500 for each qualifying student, is available for each of the first two years of college. A Lifetime Learning Credit of up to $2,000 per year is available for undergraduate, graduate and professional degree courses. Both credits begin to be phased out once modified AGI surpasses $100,000 for joint filers and $50,000 for single filers. You cannot claim both credits for the same student in the same tax year.
For tax years 2009 and 2010, there is a new education credit called the American opportunity tax credit (AOC). This is a modification of the Hope Credit.
The maximum amount of the AOC is $2,500 per student. The credit is phased out (gradually reduced) if your modified adjusted gross income (AGI) is between $80,000 and $90,000 ($160,000 and $180,000 if you file a joint return).
Exception. For 2009, if you claim a Hope credit for a student who attended a school in a Midwestern disaster area, you can choose to figure the amount of the credit using the previous rules. However, you must use the previous rules in figuring the credit for all students for which you claim the credit.The credit can be claimed for the first four years of post-secondary education. Previously the credit could be claimed for only the first two years of post-secondary education.Generally, 40% of the AOC is now a refundable credit for most taxpayers, which means that you can receive up to $1,000 even if you owe no taxes.The term "qualified tuition and related expenses" has been expanded to include expenditures for "course materials." For this purpose, the term "course materials" means books, supplies, and equipment needed for a course of study whether or not the materials must be purchased from the educational institution as a condition of enrollment or attendance.
