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Housing Credit as of 02.17.09 (Stimulus Law Signed)
For primary homes purchased before Dec 1, 2009, the max credit is $8,000 and it need not be paid back unless the home is sold within three years of purchase. The 2009 purchase can be carried back to 2008 for the full $8,000. Homes purchased in 2008 still have the 15-year repayment rule. The credit…
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Identity Theft
The following is from the IRS website and it is good information…… IRS TAX TIP 2009-11 1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS…
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Bad Debt Expense
If you are on CASH BASIS, and you never rec’d payment, you have no write off because you only declare it when you receive it.. never received it, never declared it, no write off. If you are on ACCRUAL BASIS, then you declared the revenue when the invoice was generated. NOW, you can write off…
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First Time Homebuyer Credit (as of 02.16.09)
First Time Homebuyer Credit We understand there are many questions about this new refundable tax credit. How Much is the Credit? AS CURRENTLY WRITTEN (this is the tax law today.. at least it was this morning 02.16.09!) the credit amount is the lesser of $7,500 or 10% of the purchase price of a principal residence…
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Health Insurance for Greater than 2% Shareholder of Sub S
Per IRS Notice 2008-1, Special Rules for Health Insurance Costs of 2-Percent Shareholder-Employees, health insurance must be included in the shareholder employee’s 2008 Form W-2 in order to take the self-employed health insurance deduction for shareholder employees owning greater than two percent of the S Corporation. The requirement existed in prior years but there was…