Posts Tagged ‘Tax Credits’

First Time Homebuyer Tax Credit Nears Deadline

Monday, September 28th, 2009
There is also additional information on other tax deadines on the Dempsey Vantrease & Follis website. 
Mike Hallum, CPA

Mike Hallum, CPA

The deadline for being entitled to the first-time homebuyer tax credit is fast approaching. The credit sunsets after November 30, 2009. The 2009 Recovery Act raised the maximum credit to $8,000 for 2009. Individuals have until November 30, 2009 to make a first-time home purchase that qualifies for the $8,000 credit. A “purchase” for this purpose takes place when title closes (that is, at the “closing”) and not when the contract of sale is signed.  There are income limits, so call for additional information.

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Tax Credits for Energy Efficient Improvements

Thursday, May 7th, 2009

Energy efficient improvements made to your home could bring about some future tax benefit. Tax credits are available for making energy efficient improvements, such as insulation, energy efficient windows or doors, or energy efficient heating and air conditioning units. The credit is 30 percent of the cost of the qualifying improvement with a maximum credit of $1,500. We encourage our clients to save receipts on all improvements made to their home and present those receipts to us when we prepare their federal tax return annually. If you have questions regarding energy efficient improvements please give Dempsey Vantrease & Follis PLLC a call or visit our on-line newsletter to learn more.

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