Topic: Tax credit

Oct. 17 is Last Day for Businesses to Request Tax Credit Certification for Some New Hires

October 8, 2009 |

Businesses planning to claim the recently-expanded work opportunity tax credit for eligible unemployed veterans and disconnected youth hired before mid-September now have until Oct. 17 to request the certification required for these workers, according to the Internal Revenue Service.

In Notice 2009-69, released in August, the IRS extended the certification deadline from Aug. 17, 2009, to Oct. 17, 2009, and clarified the definition of “disconnected youth.” Revised Form 8850 , available on IRS.gov, is used by employers to request certification from their state workforce agency. «Read the rest of this article»

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Home buyer seminar planned

August 27, 2009 |

Fort Campbell – Fort Campbell Housing Services Office has partnered with Army Community Services and Clarksville Office of Housing Community Development and Pennyrile Area Development District to promote the options that are available to assist Soldiers, Families and civilian employees during this housing market crisis. A local mortgage office will also provide information.

The Housing Assistance Seminar is Sept. 16 from 9 until 11 a.m. at the Family Resource Center, 1501 William C. Lee Road. The free seminar is open to all active duty personnel, their Families and DOD civilian employees. Information covers topics ranging from home buying, home selling and foreclosure intervention.

Information will include the American Recovery and Reinvestment Act and the federal tax credit for first-time home buyers that is available.

To sign up, contact Fort Campbell Housing Services Office at (270) 798-3808 or Financial Readiness office at (270) 798-5518 or 798-7861.

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Buy home or new vehicle, get tax break

July 19, 2009 |

Purchase of Home or New Vehicle Could Generate Tax Break

NASHVILLE – If you’re considering buying a main home or a new vehicle, the Internal Revenue Service wants you to know you may qualify for a tax credit or a deduction after the purchase.

“Qualifying homebuyers generally can file for the First-Time Homebuyer Credit immediately after they purchase a home,” said IRS spokesman Dan Boone. “However, the deduction for buying a new vehicle is taken when you file your 2009 tax return next year.”

Homebuyers can get a tax credit, while new vehicle buyers can get a tax deduction. A tax credit comes directly off the taxes you owe, while a deduction lowers your taxable income, indirectly reducing your taxes. «Read the rest of this article»

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Donovan announces Recovery Act tax credit to help first-time homebuyers to purchase a home

May 31, 2009 |

FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON – Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. The announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to ‘monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website. «Read the rest of this article»

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