Cash in on Government Tax Credits

$8,000 First Time Homebuyers Tax Credit—Extended!
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For more information, visit: http://www.federalhousingtaxcredit.com/

$6,500 Tax Credit for Current Homeowners—New!
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

For more information, visit: http://www.federalhousingtaxcredit.com/

New Car Sales Tax Deduction
A sales tax deduction on the purchase of new cars and trucks went into effect February 17 and lasts until December 31. As long as you're the first owner of any new car or truck with a gross vehicle weight below 8,500 pounds, you qualify for the deduction.
The deduction covers sales taxes on purchases up to $49,500. If your vehicle costs more, you can claim the deduction on the tax that applies to the first $49,500 of the price.
For more information, visit: http://www.irs.gov/newsroom/article/0,,id=205863,00.html

Energy Tax Credit
The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010.

For more information, visit: http://www.irs.gov/newsroom/article/0,,id=206875,00.html?portlet=7