Deadline for claiming Home Buyer Credit

For those who wish to claim the first-time homebuyer credit, the deadline for closing, or going to settlement, on a principal residence you purchased is June 30, 2010.

In addition, you must have entered into a binding contract to buy the residence on or before April 30, 2010.


The maximum credit amount available is $8,000 for a “first-time homebuyer” for a buyer who has not owned a primary residence during the three years up to the date of purchase.



There’s also a credit of up to $6,500 for “long-time residents” who buy a new principal residence. To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.



The credit is reduced or eliminated for higher-income taxpayers, based on modified adjusted gross income.

For more information on qualifying for and claiming the credit, please refer IRS website on the First-Time Homebuyer Credit.

[All the information are taken from the IRS and topic related other websites]

Earned Income Credit(EIC) Changes for Year 2010

EIC Limit Changes for Year 2010

Earned Income Credit (EIC) Amout has changed for the year 2010. The changes to the credit for 2009 Earned Income credit(EIC) is explain below. [For more information you can refer out Publication 596 published by IRS.]

The maximum amount of the Earned Income Credit has increased. The most you can get for 2010 is:

• $3,050 if you have one qualifying child,
• $5,036 if you have two qualifying children,
• $5,666 if you have three or more qualifying children, or
• $457 if you do not have a qualifying child.

Earned income amount for claiming EIC is also increased. The maximum amount of income you can earn and still get the credit has increased for 2010.


You may be able to take the credit if:

• You have three or more qualifying children and you earn less than $43,352 ($48,362 if married filing jointly),
• You have two qualifying children and you earn less than $40,363 ($45,373 is married filing jointly),
• You have one qualifying child and you earn less then $35,535 ($40,545 if married filing jointly), or
• You do not have a qualifying child and you earn less then $13,460 ($18,470 if married filing jointly).

Investment income amount. The maximum amount of investment income you can have and still get the credit is still $3,100 for 2010.


Advance payment of the credit. If you get the advance payments of the credit from your employer with your pay, the total advance payments you get during 2010 can be as much as $1,830.

[All the information are taken from the http://www.IRS.gov. You can refer the IRS government website for the EIC changes to know more about the EIC Limits and its related Information.]

How to file IRS 1099 Form - Video Guide

While visiting varios websites I found the below link which can be very useful for filing 1099 Forms.



[All the information are taken from the IRS and other tax related websites.]