Monthly Archives: November 2009

2010 Roth IRA Conversions

Between now and the end of the year, we will introduce several tax planning considerations for this year and next. We begin this series with a look at Roth IRA conversions, which are available to a greater number of taxpayers … Continue reading

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New Tax Incentive: Carryback Losses as Far as 2004

On November 6, 2009, President Obama signed into law the “Worker, Homeownership, and Business Assistance Act of 2009” which extends the longer loss carryback election originally only available for the 2008 tax year. The new legislation permits most taxpayers (not … Continue reading

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Liberalized Homebuyer Credit Extension

Congress has passed legislation that expands the timeframe and scope of the homebuyer credit; the President’s signature is a foregone conclusion. As you probably know, the first-time homebuyer credit was set to expire November 30th. Under this program, a first-time homebuyer would be eligible for a refundable tax credit of up to $8,000 on his or her income tax return providing the purchase took place by the program expiration date.

Under the new program, the credit for first-time homebuyers is extended to include purchases made by April 30, 2010. Providing a contract is executed by that date, the closing of the purchase must take place by June 30, 2010 in order to qualify.

Long-time residents can benefit, too. See full post for details. Continue reading

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