Posts from April, 2010

  • First-Time Homebuyer Credit has Expired as of May 1, 2010 Absent further Congressional action, both the regular $8,000 first-time homebuyer credit and the reduced $6,500 credit for long-term residents will generally expire for homes purchased after April 30. The current provision extended the first-time homebuyer credit to apply to ... Continue Reading
  • IRS & Massachusetts Extending Certain Filing and Payment Deadlines The Internal Revenue Service has announced that it is postponing until May 11, 2010 certain deadlines for taxpayers who reside or have business in the presidentially-declared disaster areas in Massachusetts due to severe storms and flooding beginning March 12, 2010. This ... Continue Reading
  • Expanded College Tuition Tax Credits The American Opportunity Credit Helps Pay for First Four Years of College More parents and students can use a federal education credit to offset part of the cost of college. This credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a ... Continue Reading
  • Tax Changes Affecting Individuals in the 2010 Health Reform Legislation Following is a summary of the landmark healthcare legislation as it affects Individuals. Individual Mandate The new law contains an individual mandate a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty. Under ... Continue Reading
  • Tax Changes Affecting Small Business in the 2010 Health Reform Legislation Following are the provisions of the landmark health reform legislation as it relates to small businesses. Tax credits to certain small employers that provide insurance The new law provides small employers with a tax credit (i.e., a dollar-for-dollar reduction in tax) for ... Continue Reading
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