Tuesday, January 20, 2009

First-Time Homebuyer Credit

First-Time Homebuyer Credit

Those who bought a main home recently or are considering buying one may qualify for the first-time homebuyer credit. Normally, a taxpayer qualifies if she didn’t own a main home during the prior three years. This unique credit of up to $7,500 works much like a 15-year interest-free loan. It is available for a limited time only –– on homes bought from April 9, 2008, to June 30, 2009. It can be claimed on new Form 5405 and is repaid each year as an additional tax. Income limits and other special rules apply.

David Bixel, EA

Thursday, January 15, 2009

Recovery Rebate Credit

The recovery rebate credit is a one-time benefit for people who didn't receive the full economic stimulus payment last year and whose circumstances may have changed, making them eligible now for some or all of the unpaid portion.

Generally, a credit adds to the amount of your tax refund or lowers the amount of taxes owed. Therefore, the amount you receive for the recovery rebate credit will be included as part of your refund, as shown on your tax return.

You May Be Eligible

People who fall into the categories described below may be eligible for the recovery rebate credit this year:

  • Individuals who did not receive an economic stimulus payment.

  • Those who received less than the maximum economic stimulus payment in 2008 — $600 per taxpayer; $1,200 if married filing jointly — because their qualifying or gross income was either too high or too low.

  • Families who gained an additional qualifying child in 2008.

  • Individuals who could be claimed as a dependent on someone else’s tax return in 2007, but who cannot be claimed as a dependent on another return in 2008.

  • Individuals who did not have a valid Social Security number in 2007 but who did receive one in 2008.
MB Tax Professionals, LLP
2580 NW Upshur St.
Portland, OR 97210

David Bixel, EA
503.595.5890

www.mbtaxpro.com

Tuesday, January 13, 2009

Tax Preparation

In general, once you purchase a home or start your own business it is time to have your taxes prepared by a tax professional. The tax code is tricky, but working with a professional can save you time and money. At MB Tax Professionals we work daily with the tax laws and tax code and attend continuing education every year to keep up with ever changing laws. This way you focus on what you do best and you can let MB Tax Professionals do what they do best, take care of you.

At other tax preparation offices you might feel like you are another number to them. With MB Tax Professionals we expect you to become part of our family. We offer a lot more tools on our website then others and we will be your personal tax professional.

David Bixel

MB Tax Professionals, LLP

2580 NW Upshur St.

Portland, OR 97210

www.MBtaxpro.com