$8,000. Homebuyers' Credit it extended to Sept. 30, 2010

First-time homebuyers credit extended on Nov. 6, 2009

Due to the massive number of foreclosures and short sales going on around the country many taxpayers will more than likely experience a "Cancellation of Debt". This newsletter will help you understand and possible exclude the income from your tax return.

On July 30, 2008, President Bush signed into law the Housing Assistance Act of 2008. The Housing Act includes tax breaks for taxpayers such as a refundable credit for first-time homebuyers and a new state and local property tax deduction for non-itemizers in 2008.

How to defer capital gains tax?

What is the difference between a corporation and an LLC? What benefits and disadvantages are there to either? Starting a business?

How long should you keep tax records? If your attic is getting filled up with old records, perhaps this will help. Suggested holding period

OTHER NEWSLETTERS

As members of National Association of Tax Professionals (NATP) we are including some informative newsletters that NATP provided. We hope you find the following articles helpful. Please let us know!

Careful recordkeeping = big tax deduction!
Are Teens Required to File a Tax Return?
Planning a tax deduction for charity?
Lessons in Back-to-School Tax Breaks
Garage sale or giving to charity?
Forfeiting the education credit?
Unexpected refund coming for IRS?
Don't bite the hand that.....
Can you work and collect Social Security?

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