File back taxes, take advantage of housing tax credit
Thinking of buying a house in order to take advantage of the tax credit for first-time home buyers currently being offered? In order to get financing for a new home, the bank will require you to provide copies of your tax returns. Don’t let unfiled back taxes stand between you and an $8,000 tax incentive!
The government is currently offering a tax credit of up to $8,000 for first-time home buyers (this also includes people who have not owned a home in the last 5 years). This is not a deducton- it is a dollar-for-dollar rebate! For example, if you owed $1,000 on your 2009 taxes, and qualified for the full credit, you would receive a check back for the difference of $7,000. In order to qualify for the tax credit, you must close on your new home by no later than Dec. 1, 2009. That’s just 2 months away. The paperwork and closing procedures take time, so you want to be sure to allow yourself enough time to be able to complete all the necessary steps so as not to lose out on this money.
If you are struggling to find misplaced paperwork to prepare your taxes, you can get copies at E-resolution. It has a quick turnaround time so that you can obtain your documents and get moving with getting your financing in order. If you have a more complicated tax issue involving unfiled tax returns, or would like to speak to a CPA, you can fill out a contact request or just give us a call at 877-TAX-BILL (877-829-2455).
Lothamer is a professional firm of Certified Public Accountants, and was founded by Jesse I. Lothamer, J.D., C.P.A. in 1978. The firm specializes in Tax Representation and Tax Problem Resolution, and has helped thousands of clients settle their tax problems with the IRS and State of Michigan. We not only solve tax problems, but we also show clients innovative ways to get current. With offices across the State of Michigan, Lothamer is Michigan’s leading Tax Resolution Firm, and will continue to provide the general public with tax representation and tax problem resolution for a wide variety of tax problems.