Home Buyer Credit News

Eligible taxpayers who contracted to buy a home qualifying for the first-time homebuyer credit before the end of April now have until September 30, 2010 to close the deal according to the Internal Revenue Service.
This is a change from the June 30 closing date.
Hello to L in Hawaii. Don't forget Dukes on Sunday.

Tax Deduction for Your Gambling Losses

Yes, you can deduct your gaming losses against your gaming winnings. You must be able to itemize your deductions on schedule A. So keep up with the proof of losses so when you win, you can reduce the taxable income up to the losses.

Energy Tax Credit for Homeowners

Homeowners that make energy efficient improvements to their existing home may qualify for a tax credit of up to 30 percent of the cost of all qualifying improvements with a limit to $1,500.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy efficient heating and air conditioning systems.

Tax Return Due Date - April 15th 2010

Individual income tax returns are due by April 15, 2010.
If you are unable to make that deadline, you can file for an automatic extension. You need to estimate any tax due and pay it with the extension. The extension is for additional time to file - not to pay. You will have until October 15, 2010 to file the tax return. If there is additional tax due, interest and penalties could apply.

Online scams that Impersonate the IRS

Scams involving the impersonation of the IRS usually take the form of e-mails, tweets or other online messages to consumers. Scammers may also use phones and faxes to reach intended victims. Scammers also set up phony web sites that appear to be IRS sites.
Generally, the IRS does not send unsolicited e-mails to taxpayers or request security information. Beware of any attachments - do not open.