The 1st time homebuyer credit of $8,000 which has been set to expire in November has been extended to 2010. The tax credits would be available to home buyers who sign sales agreements by the 4/2010. Taxpayers would have until 6/2010 to close on their new homes.
In addition, the credit is now offered to taxpayers who already own a home for at least 5 years. Qualified taxpayers may qualify up to $6,500 for this credit.
Thursday, October 29, 2009
Tuesday, October 20, 2009
Metropolitan Commuter Transportation Mobility Tax
Metropolitan Commuter Transportation Mobility Tax
Just a reminder that the 1st payment of the new Metropolitan Commuter Transportation Mobility Tax is due Monday, November 2, 2009. The New York State Department of Taxation and Finance has contacted more than 700,000 employers and self-employed individuals doing business in the Metropolitan Commuter Transportation District who may be required to pay this new tax. The District encompasses the five boroughs of New York City and the Counties of Dutchess, Nassau, Orange, Rockland, Suffolk and Westchester.
The Metropolitan Commuter Transportation Mobility Tax (MCTMT) is a new tax imposed on certain employers and self-employed individuals engaging in business within the Metropolitan Commuter Transportation District (MCTD). This department administers the tax for the Metropolitan Transportation Authority. (The MCTD includes the counties of New York (Manhattan), Bronx, Kings (Brooklyn), Queens, Richmond (Staten Island), Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess, and Westchester.) The tax applies to:
• Employers who are required to withhold New York State income tax from wages and who have payroll expenses exceeding $2,500 in any calendar quarter. The tax is retroactive to March 1, 2009 for employers.
• Self-employed individuals who have net earnings in the District that exceed $10,000 for the tax year. The tax is retroactive to January 1, 2009 for self-employed individuals
Just a reminder that the 1st payment of the new Metropolitan Commuter Transportation Mobility Tax is due Monday, November 2, 2009. The New York State Department of Taxation and Finance has contacted more than 700,000 employers and self-employed individuals doing business in the Metropolitan Commuter Transportation District who may be required to pay this new tax. The District encompasses the five boroughs of New York City and the Counties of Dutchess, Nassau, Orange, Rockland, Suffolk and Westchester.
The Metropolitan Commuter Transportation Mobility Tax (MCTMT) is a new tax imposed on certain employers and self-employed individuals engaging in business within the Metropolitan Commuter Transportation District (MCTD). This department administers the tax for the Metropolitan Transportation Authority. (The MCTD includes the counties of New York (Manhattan), Bronx, Kings (Brooklyn), Queens, Richmond (Staten Island), Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess, and Westchester.) The tax applies to:
• Employers who are required to withhold New York State income tax from wages and who have payroll expenses exceeding $2,500 in any calendar quarter. The tax is retroactive to March 1, 2009 for employers.
• Self-employed individuals who have net earnings in the District that exceed $10,000 for the tax year. The tax is retroactive to January 1, 2009 for self-employed individuals
Thursday, October 8, 2009
A couple of new tax laws for 2009
A couple of new tax laws for 2009
If you purchased a motor vehicle from 2/09 through the end of the year, you may qualify to deduct the sales tax on your income tax return up to $49,500 on the new car. If you were planning to purchase a new vehicle for home or business, this provides an excellent incentive for taxpayers to consider. You must be the 1st owner of the car. Tax benefit is subject to taxpayer’s adjusted gross income.
If you’re a small business owner, you may qualify to reduce your 2009 estimated taxes. The estimated payments are 90% of your 2008 or projected 2009 tax liability, whichever amount is smaller. In addition to lower estimated taxes, small business owners may take advantage of increased section 179 deduction for up to $250K. This deduction allows small business owners to deduct most tangible business property such as office equipment, computers and the vehicles.
If you purchased a motor vehicle from 2/09 through the end of the year, you may qualify to deduct the sales tax on your income tax return up to $49,500 on the new car. If you were planning to purchase a new vehicle for home or business, this provides an excellent incentive for taxpayers to consider. You must be the 1st owner of the car. Tax benefit is subject to taxpayer’s adjusted gross income.
If you’re a small business owner, you may qualify to reduce your 2009 estimated taxes. The estimated payments are 90% of your 2008 or projected 2009 tax liability, whichever amount is smaller. In addition to lower estimated taxes, small business owners may take advantage of increased section 179 deduction for up to $250K. This deduction allows small business owners to deduct most tangible business property such as office equipment, computers and the vehicles.
Tuesday, October 6, 2009
Oct 15 Deadline
Reminder - The Oct 15 deadline approaches for taxpayers who:
1. applied for the 6 month extension for their 2008 tax return
2. it is also a special voluntary disclosures by taxpayers with assets in previously undisclosed offshore accounts
1. applied for the 6 month extension for their 2008 tax return
2. it is also a special voluntary disclosures by taxpayers with assets in previously undisclosed offshore accounts
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