Closing Deadline for Home Buyer Tax Credit Extended to Sept. 30th

Washington has once again extended the closing deadline to qualify for the $8,000 first-time home buyer tax credit or the $6,500 current home buyer tax credit. The new closing deadline is September 30, 2010.

Unfortunately, Congress did not extend the purchase agreement deadline beyond April 30th. This means that only buyers who had entered into a purchase contract on or before April 30, 2010 will be eligible for the tax credit. The extended closing deadline will just give those buyers some additional time to close the sale beyond the prior June 30th deadline.

The extension of the closing deadline was necessary because some types of sales, such as bank owned properties and short sales, require more than the typical 30-60 days to close.

For more information about how the tax credit works, please see my prior posts:

Down to the Wire; Last Days to Qualify for the Home Buyer Tax Credit

First-Time Home Buyer Tax Credit Extended

TIMING IS EVERYTHING: First-Time Home Buyer Tax Credit Increased for 2009

For questions about the home buyer tax credit, please contact me or use my online legal services.

Related posts:

1. First-Time Home Buyer Tax Credit Extended
2. Down to the Wire; Last Days to Qualify for the Home Buyer Tax Credit
3. TIMING IS EVERYTHING: First-Time Home Buyer Tax Credit Increased for 2009.

Unless you’ve been living under a rock for the past year and a half, you’ve no doubt heard that the federal government is giving first-time and repeat home buyers a credit on their income taxes for buying a new home.  The credit was intended to spur activity in the stagnant real estate market and to give home buyers a cash incentive to invest in home ownership.

First-time home buyers may qualify for up to an $8,000.00 credit. A first-time home buyer is considered to be anyone who has not owned a primary residence in the last three years.

Current homeowners, who are selling their primary residence to purchase a new primary residence, may qualify for up to a $6,500.00 credit. The homeowner must have lived in their primary residence for at least five of the last eight years.

There are some income limits and other restrictions. For more information about how the tax credit works, see my previous post “Timing is Everything; First-Time Home Buyer Tax Credit Increased for 2009.”

Unlike last year, there is little chance that the tax credit will be extended beyond April 30th. But there’s still time to take advantage of the credit if you act quickly.

Contact me for more information.

Helpful reading:

Related posts:

1. Closing Deadline Extended to September 30th for Home Buyer Tax Credit
2. TIMING IS EVERYTHING: First-Time Home Buyer Tax Credit Increased for 2009.
3. First-Time Home Buyer Tax Credit Extended

I followed some of Merrill’s easy to follow suggestions for RatteLaw.com, and it dramatically increased traffic to my site. Soon, I hope to implement more of the suggestions to further improve your experience at RatteLaw.com.

Merrill’s book may be purchased using PayPal on his website or from Amazon.com at How Your Small Local Business Can Get More Customers On The Internet.

Related posts:

1. Monthly Reading for December: Guerrilla Marketing 4th Ed.
2. NH Bizcast for Free Business Webinars
3. New Laws Affecting NH Business Owners

On Tuesday, February 2nd, Dr. Richard Spead of Spead Tax Group will be speaking about how to handle disputes with the IRS. In light of the IRS’s aggressive campaign against small business owners in the past year, this should be a timely and informative presentation.

The presentation is sponsored by BASE Resources. Prior speakers in the series have included yours truly and other experts in the business, financial and tax worlds.

Here’s the info:

Tax Issues & IRS Disputes

Guest speaker: Dr. Richard Spead of Spead Tax Group PLLC.

Tuesday, February 2, 2010

Great Bay Community College

Pease International Tradeport

320 Corporate Dr, Portsmouth, NH

Room 314. Enter at Business and Training entrance.

Cost $10. 8 am – 9 am. Registration at 7:45 am.

Session runs from 8am-9am. Registration at 7:45 am.

Coffee and muffins provided.

Please RSVP to Diane DeVries 603-534-2040 or diane@digrafika.com

Presented by BASE Resources – The premier source for business solutions

www.base-resources.com

Related posts:

1. New Laws Affecting NH Business Owners
2. Business and Commercial Dispute Docket Established in NH Superior Court
3. NH Bizcast for Free Business Webinars

Upcoming webcasts are listed below. NH Bizcast can be found at http://www.nheconomy.com/videos.aspx

Starting a Business in a Down Economy

January 20, 2010: Noon-1PM

Presented by Deb Osgood, Knowledge Institute

New Mediums, New Messages – How Social Media is Transforming Communication.

February 17, 2010: Noon-1PM

Presented by Allen Voivod, Epiphanies, Inc.

Best Business Practices for the Next Century.

March 17, 2010: Noon-1PM

Presented by Dr. Russ Ouellette, Sojourn Partners

Related posts:

1. Great New Book to Market Your Small Business on the Internet
2. FAILING TO PLAN IS A PLAN FOR FAILURE: How to build a better business from the ground up.
3. Tax Problems? IRS Dispute?

December is a great time to finalize your marketing plan for the coming new year. If you need to re-think your marketing strategy, then Jay Conrad Levinson may be able to help.

Guerrilla Marketing, 4th edition: Easy and Inexpensive Strategies for Making Big Profits from Your SmallBusiness has been a favorite resource of countless small business owners for more than 25 years. The new edition has been updated to include Internet marketing, podcasts and other high-tech marketing tools.

Related posts:

1. Great New Book to Market Your Small Business on the Internet
2. NH Bizcast for Free Business Webinars
3. FAILING TO PLAN IS A PLAN FOR FAILURE: How to build a better business from the ground up.