Don’t forget to change your clocks Saturday night. Yup, I could tell you stories of times when I didn’t. You probably have stories, too, don’t you? Anyway…
I have great news – and bad news.
First the great news. It’s VERY exciting! Not only will Congress be extending the $8,000 first time homebuyers credit, they will be expanding it to make $6,500 available for people who are not new buyers – as long as they owned their last home for at least 5 years. This could be a big help to all of us – even folks who’ve lost their homes in the depression no one will admit we had.
Now the bad news. Congress be extending the $8,000 first time homebuyers credit, and they will be expanding it to make $6,500 available for people who are not new buyers – as long as they owned their last home for at least 5 years. Why is this bad news?
Well, if the new legislation does not include authority for IRS to get proof before issuing the money, not only will there be more fraud, there will be even greater delays than we have now. It won’t take much to fix the problem. Really, truly, it’s very easy to fix. All we need to do is have folks send in their documentation with their tax returns.
But the details and authority must be in the new law.
in the new law.
What can you do about it? IMMEDIATELY email or write your legislator and send him or her the fix I outline in my open letter to my Representative, the Honorable Brad Sherman. Feel free to use my words – or use your own. But speak up NOW. We only have a few days before they vote on this, probably next Tuesday. You will find my letter in my accountingweb.com blog at:
In IRS News this week we get to read the Information Reporting Program Advisory Committee’s (IRPAC) 2009 recommendations on a wide range of tax administration issues. Did you know there was a group of tax pros watching out for you? Yes indeed. This committee, essentially volunteers over 100 hours to provide recommendations on how to make your life easier. Let’s thank the hard-working team at IRPAC!
We also get a series of IRS videos to help us set up and run a non-profit organization. Remember, if you can’t find a job you are willing to accept, you have alternatives. Perhaps this is the time to follow your passion. Set up your own non-profit organization to fulfill your dream to help, teach, educate, or save someone or something. Funds may be hard to raise at first. But once you get started, and do it right, the money will come rolling in. Passion is contagious.
The October issue of TaxWatch on MarketWatch.com is about the specific problems taking place right now in the processing of the First Time Homebuyers Credit. It also provides a solution. I know, you think I’m obsessed with this Credit. Well, when people call me every day, telling me their tax return was filed months and IRS lost it…yes, it gets me upset.
In today’s Money Funny we have Hospital Hostility, a little Halloween prank for you.
In TaxQuips this week we learn if a guy supporting his girlfriend and her child qualifies for head of household filing status; whether someone can avoid paying taxes on his consulting income by depositing it directly in his son’s Sec 529 education savings plan; if an unemployed 22-year-old should cash out his retirement account to cover his living expenses; can a woman get the first time homebuyers credit if her husband co-signed on a home in the past. Incidentally Robert W. Tracey provides us with some excellent advice about whether or not to take advantage of this year’s permission not to take a minimum distribution from your retirement account. For those age 70 1/2+, it’s well worth considering.
As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!
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Your TaxMama is watching…out for you.
TAX CALENDAR 2009
11.02.2009 3rd Quarterly Payroll Returns and Pay Taxes Due
11.02.2009 3rd Quarterly Sales Tax Returns and Pay Taxes Due ————————————————————-
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- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- Money Funnies :: Hospital Hilarities for Halloween
- IRS News :: IRPAC report, exempt org videos
- TaxMama’s TaxWatch column :: Solving the First Time Homebuyer Credit Snafu