Bertke and Sparks CPAs presents a monthly report to help you prepare for your financial future, keep more of what you earn by minimizing your taxes, and build an extraordinary business!

Homebuyer Credit Expanded and Extended  The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010.  READ FULL ARTICLE

Existing Homebuyer Credit Expanded and Extended The newly available $6,500 tax credit for existing home buyers who purchase a new home (must be a primary residence) between November 7th, 2009 extends until April 30th, 2010.  READ FULL ARTICLE

Expanded Educational Credits The American Opportunity Tax Credit expands college education tax breaks under the Hope credit. For 2009, the credit increases to as much as $2,500 of the cost of tuition and related expenses paid during the tax year, including expenditures for course materials.  READ FULL ARTICLE

 Deduction for Sales Tax on NewCar Purchases
     Taxpayers may deduct the state and local sales taxes on the purchase of a passenger auto, light truck, or motorcycle (all are subject to a limit on gross vehicle weight rating of 8,500 pounds or less). The deduction is available on new vehicles purchased from Feb. 17, 2009, through Dec. 31, 2009.  READ FULL ARTICLE

       New tax law significantly expands the five-year NOL carryback opportunity enacted earlier this year. The new legislation allows U.S. companies of all sizes to carry back NOLs incurred in either 2008 or 2009 to the previous five years.  READ FULL ARTICLE

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