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Archive for July, 2010

Making Work Pay Credit

Jul 22

Posted by Teri in CREDIT, TAX CREDITS, TAXES

The Making Work Pay Credit is still available in 2010. The credit equals the lesser of (1) 6.2% of the taxpayer’s earned income, or (2) $800 for a married couple filing a joint return and $400 for other taxpayers. Married couples with two incomes, individuals with multiple jobs, dependents, pensioners, and workers without valid Social Security numbers should ensure that enough tax is withheld from their pay. The IRS has a withholding calculator on its website which may prove helpful for those who believe their current withholding may not be right.

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President Extends Homebuyer Closing Deadline

Jul 13

Posted by Teri in HOUSING ASSISTANCE, TAX CREDITS, TAXES

The Homebuyer Assistance and Improvement Act of 2010, signed by President Obama on July 2, extends the closing deadline from June 30 to September 30 for any eligible homebuyer. Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until September 30, 2010, to close the deal.

To avoid refund delays, those who entered into a purchase contract on or before April 30, but closed after that date, should attach a copy of the pages to their return from the signed contract showing all parties’ names and signatures if required by local law, the property address, the purchase price, and the date of the contract.

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