2009 Tax Savings Opportunities

Reblogger John Occhi
Real Estate Agent with Mason Real Estate CA BRE 01444168

2009 may very well go down in history as the year of the 'Tax Credit' (among other things...but that is a topic for a whole other series of blog articles - not enough room here).

I would guess that we all know about the $8,000 tax credit for first time home buyers...but trust me, they don't stop there.  so go ahead and look at the blog that I found that does a pretty good job covering them...

Original content by Julie Chroust

2009 Tax Savings Opportunities


Many tax incentives were enacted as part of the American Recovery and Reinvestment Act of 2009. Some of these may directly benefit you:

Tax Credits. Individuals earning $75,000 or less will receive a tax credit of $400 on payroll taxes paid in 2009 and 2010. Married couples earning $150,000 or less are eligible for an $800 credit.

Healthcare. A subsidy covering 65% of COBRA premiums for up to nine months is available to workers who were laid off between September 1, 2008, and December 31, 2009.

Education. Parents of college students can claim a tax credit of up to $2,500. Available in 2009 and 2010, the credit covers tuition, fees and course supplies such as textbooks.

Housing. The first-time homebuyer $8,000 tax credit has been extended and now allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more. The tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between November 7, 2009 and April 30, 2010.

Green Homes. New tax credits are now available for green home improvements on a principal residence starting January 1, 2009, through December 31, 2010. The credit covers 30% of qualifying upgrade costs, or a maximum amount of $1,500.

Motor Vehicles. New car buyers can deduct the sales tax from their AGI on purchases of up to $49,500. The deduction is limited to car and truck purchases made from February 17, 2009, through December 31, 2009. There's also a tax credit for plug-in hybrid cars and trucks purchased between January 1, 2009, and December 31, 2010. The credit starts at $2,500 and is capped at $7,500.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor. We are not a law firm, nor a CPA firm.

 

 

Julie Chroust, Senior Mortgage Consultant

Prospect Mortgage, 6601 Owens Drive, Suite 155, Pleasanton, CA 94588

Office: 925-516-5809  * Cell: 925-381-1481  *  Fax: 925-516-7555


                 

Email: Julie.Chroust@ProspectMtg.com

Visit my Naymz Profile to Lean About Me  /  Search the Multiple Listing Service for Free

Securely Apply Online  / Join My Email list for updates 

Mortgage Calculator


 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Comments 0 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
301,279

John Occhi

SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the house to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

ePro,John Occhi,www.johnocchi.com,realtor      Five Star Logo,Certification,REO,Five Star Institute

John Occhi CA Realtor's Facebook profile

Temecula & Murrieta Valleys, CA, real estate news, views and information provided to our community and agents.

Protected by Copyscape plagiarism checker - duplicate content and unique article detection software.

Real Estate Blogs Directory - Directory of real estate blogs and blogs of industries affiliated with and serving the real estate industry.