“The income tax has made more liars out of the American people than golf has.”
-Will Rogers

Your family’s Personal Financial Guide is here, and we’ve got some bad news to start the week…as well as some good news for many from the past weekend.

(Btw, I’m not referring to the healthcare bill passing the House, as I’m not going to wade in to that debate right now–I’ll save my advice for when we finish the legislative process. I’ll just say for now that I’m glad attention is being paid to the issue and leave it there for now. Feel free to send questions, but know that we won’t have any details until a bill is signed by the President, if one makes it through.)

Before I get to the good news, some links and commentary about what it all could mean for your family:

Unemployment hit the not-so-magic 10% threshold last month:
http://www.usatoday.com/money/economy/2009-11-06-jobs-october_N.htm Catch a Fire dvd
For many, this is just more noise–and that’s how it should be. It does NOT profit you to fix your eyes on what you cannot control, *especially* when it’s bad news. Keep your head focused on what YOU need to do in order to grow in your job or business…and let the politicians worry about how to respond.

Don’t fall into the trap of letting malaise settle into your heart because of outside factors.

(If YOU are among that 10+%–my heart goes out to you.)

A nice article about year-end tax moves to make sure your 2009 taxes aren’t higher than they should be: Keith movie full
I won’t go into my specific advice for YOU from that, as we’d really need to meet in person for that–so my MAIN advice from this is to give us a call and set up an appointment before year-end.

Our calendar is RAPIDLY

Darkness Falls buy

Home on the Range move

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filling, so don’t delay on that…it could make hundreds or even thousands of dollars of difference in your bottom line.

So…this week’s Strategy Note is about another bill which was actually passed into law, and something I’ve been talking about for a few weeks. Read on and leave your comments:

“Real World” Personal Strategy
Breaking Down the New HomeBuyer Tax Credit

Last week, a new Homebuyers Tax Credit bill was actually signed into law. The new bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren’t looking to purchase – pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I’ll be happy to be of service to them.

So, here’s what you need to know about the new bill…

NEW Tax Credit for Current Homeowners

This is what’s new and special about this. The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Call us to see if you qualify
–it might be the right time to finally make the move you’ve been thinking about…we’ll help you determine if it’s a smart move–or not.

Tax Credit for First-Time Homebuyers The Pink Panther the movie
FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Deadlines For The New Credits Threat of Exposure trailer

Herbie Rides Again film

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available. Again, we’re here to help.

Credit Vs. Deduction

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The benefit of a tax credit is that it’s a dollar-for-dollar benefit, rather than a “tax deduction”, or reduction in a tax liability. If it were simply a deduction, it would only save you $1,000 to $1,500 when all was said and done.

This credit DIRECTLY “pays” your taxes for you. For instance, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

So, it really is like money in your pocket.

Now, there are some income caps, as well as some purchase price caps ($800,000 to be specific).

But if you have any questions…I’m here to help as your Family’s Personal Financial Guide.