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End of Year Financial and Tax Review
It is the time for year-end financial and tax reviews, and this year is particularly important due to the markets and the economy. There may be some big tax changes as due to the deficit.
You can go to www.irs.gov, but here are some of the highlights: Congress extended the First-Time Home-Buyer Tax Credit and so it is more generous than before as of Nov. 6, 2009.
The new provision is a tax credit for up to $8,000 for 10 percent of the cost of a home. The credit is also refundable. That is if a buyer doesn't owe $8,000. The law also has more generous phase-outs. The credit now begins to disappear for single taxpayers with modified adjusted gross incomes of $125,000 and married couples with incomes of $225,000. The buyer must have a contract for a new home in place before May 1, 2010. There is a cap however for anyone buying a home for more than $800,000 - they will not get ant credit.
Another area to review is how to catch up on your payables. One way to get ahead before the new year starts is invoice factoring. Review your receivables prior to the end of the year. For those due in 60 to 90 days, contact a factoring company like IFG and factor thes outstanding invoices. That way the funds will come in now.
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