Alan C. Wilson, MBA

Author Archive

“Homebuyers Assistance and Improvement Act of 2010

“First Time Homebuyer Credit & Long-Time Resident Credit extended to Sept. 30, 2010

Under current law, taxpayers that entered into a written binding contract to purchase a home prior to May 1, 2010 are eligible for the Homebuyer Tax Credit so long as the sale is completed prior to July 1, 2010. H.R. 5623, the “Homebuyers Assistance and Improvement Act of 2010,” would extend the current deadline from June 30 to Sept. 30, 2010, enabling an estimated 180,000 additional homebuyers to utilize the credit. Taxpayers that entered into a written binding contract prior to May 1, 2010 would have until Sept. 30, 2010 to complete their home purchase transactions in order to be eligible for the Homebuyer Tax Credit.

The lasting effect of huge stock losses last year should minimize the capital gains that the funds distribute this year despite this year stockmarket rebound. As of October 31, only about 250 stock funds had declared capital gain distributions compared with more than 1600 at the same time last year and the average distribution was cut in half. If you are considering buying or selling a fund check its estimated taxable distribution on the fund company’s website

No budget deal means state income tax booklets can’t be printed. Not printing and distributing the forms means that Ohioans filing by paper won’t be able to get the refunds do them until weeks later than normal. Even if the budget is passed soon the new State Tax Forms won’t be available until February 2010. Nearly  52,000 individuals file paper returns in January alone and over 47,000 of them sought a refund. Those refunds totaled an estimated 8.2 million to $9.4 million. The State of Ohio has mandated electronic filing of all state tax returns prepared by preparers who prepare more than 10 tax returns in a year. My suggestion electronically file your federal and state tax returns to get your refunds as quickly as possible and he is that you - in as little as 8 days with direct deposit  My office electronically files all tax returns to you so call for an appointment and get your money back fast.

Prospective buyers who already own a home should wait a brief time to buy Congress is working on a bill that expands the credit beyond first-time purchasers, giving a $6500 credit to buyers who’ve owned a home for five of the last eight years. This would apply to homes bought after enactment, which should occur by mid-November. For more information on how this credit works please contact me at 937-642-2524.

First-time home buyers won’t have to act by November 30 to get the credit. Congress will extend the $8,000 credit for several months, well into 2010, so the first-timers will not have to hurry up enclosed their home purchases by November 30. The credit will be extended through April 30, 2010. As long as the home purchases under contract by April 30, 2010 taxpayers have until June 30, 2010 to close to get the credit. Contact me at 937.642.2524 to get your credit/refund A.S.A.P.

DID YOU KNOW:  “The Finder” is a great site! It provides information on local taxing jurisdictions and tax rates for all addresses in the State of Ohio.

I am excited to offer a “Recommended Links” page to my website. You will find helpful links regarding your taxes.  I will also be featuring some local businesses I hope you will support.  Click here to view

It is my pleasure to present to you my new website.  I have designed this site to better serve you, my customer.  You will find helpful links for your tax needs, as well as recommended local professionals.

You can follow me on Twitter.

Also, become a Fan of mine on my new Facebook Fan Page!

If you wish to suggest a good site to me, please feel free to email me at awilson@acwilsoncpa.com