Showing posts from November, 2009

Existing Home Sales Increase in October

Existing Home Sales Increase in October

In October, existing home sales rose by 10.1% and are now 23.5% above the year-ago rate. Sales were at a seasonally adjusted annual rate of 6.10 million, up from 5.54% in September and a 4.94 million pace a year ago.

Existing single family home sales rose by 9.7% to a 5.33 million pace, while condo sales soared by 13.7% to a seasonally adjusted annual rate of 770,000. Click Here for full article.

Congress Fiddling on Estate Tax Reform

Congress has not fixed the Estate Tax. The current estate tax rate is 45 percent with an exemption level of $3.5 million for individuals and $7 million for couples. Unless something is done, in 2010 the rate and exemption level will fall to zero and then jump up to 55 percent and $1 million, respectively, in 2011.

States Attack Business

States Attack Business!

In order to collect more money to pay for their profligate spending many states are hiring collectors and placing judgments against taxpayers who owe taxes. Many states are trying to declare businesses as being resident of their state and therefore requiring them to register and pay taxes with the state. New York is leading the attack, but others are quickly following suit.

Full Article....

New Homebuyer Tax Credit Extended

The New Home Buyer Credit is Extended!

First time home buyers receive a $8000 credit for purchase made before April 30, 2010.Existing homeowners who have lived in their home more than 5 years (out of the last 8) can get a $6500 credit.The credit is for couples with Adjusted Gross Income of less than $250,00 ($125,000 for individuals.)The house purchased must be less than $800,000 The purchaser must be over 18If the house is purchase prior to the tax return filing, it may be considered as purchase prior to December 31 of the previous year and included in that years tax return.

IRS Employee Steals Money from Mail

IRS Employee Going to Jail for Stealing Money from Mail!

An IRS employee in Kansas City opened taxpayer mail and stole cash payments. Even though she is going to jail, the poor victims are out of money! This should act as a reminder to NEVER MAIL CASH especially to the government,