Taxmanhog wrote:
- quote -


"additional legislation" you say? Maybe that will include forgiveness
for those who bought their residence since april of 2008 who took
advantage of the $7500 "loan", i.e. "tax credit".

However.....!

ChEAr$,
Harlan Lunsford, EA n LA

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"Taxmanhog" <taxmanhog[at]comcast.net> wrote
- quote -




People do things based on pending legislation. It's unclear how many folks
bought cars ~because~ they thought Congress would give them a tax break.
But it shouldn't matter.





--
Paul Thomas, CPA
Watkinsville, Georgia

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- quote -

It's Social Engineering, but I believe a UNIFORM effective date would be a
reasonable expectation.

The original Senate bill had an effective date that was Late Fall 08, Then
considered 1/1/09, then yielded to the conférence on date of enactment.

Along this premise, then all the provisions (including the home buyer
credit) should have been effective on date of enactment.

Just Saying my peace.

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In article <gns75j$t96$1[at]news.motzarella.org> ,
Taxmanhog <taxmanhog[at]comcast.net> wrote:

- quote -

If the purpose of the incentive is to influence behavior, it's pretty
hard to influence past behavior.

(Insert rant about the unconstitutionality of the copyright extension
based on that reasoning.)

If they want to give away money to various people, I don't see why
"those who bought cars between two specific past dates" is a worthy
group.

Seth

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- quote -

Harlan,

I fear we will be hearing quite a few stories like this!

It's ironic that those with good credit & the gumption to take a chance,go
out on a limb by purchasing a BRAND NEW auto, get a short shafting.

I wrote to all my congrées critères & the Président about this iniquité, my
key point was the confusion & désappointement the 2/17/09 effective date has
& will créâtes in the coming year & subséquent élection cycle.

One reply so far, from Sen. Kennedy, in short, ~they intend to seek
additional législation to enhance the economic stimulus~ if they do then it
might be possible to fix this issue, at least make it 1/1/09.


--
TaxmanHog

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Bill wrote:
- quote -

It's still wrong, since real estate tax is not "deducted from income
tax" but rather a deduction from income before reckoning the tax.
- quote -

So I was briefing a client yesterday as to what the new bill means to
them (usual 400$ credit for each wage earner, etc) and I came to the
bit about sales tax deductibiliy for 2009 for new car. They lit up
like a candle and beamed until I came to the part about the effective
date which was last week and not back in january when they bought that
new expensive car.

ChEAr$,
Harlan Lunsford, EA n LA

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On Feb 18, 9:56*am, an_ordinary_guy_...[at]hotmail.com (Bill) wrote:
- quote -

Not entirely accurate. The credit is still $7,500 for first-time
homebuyers after 4/8/08 through 12/31/08. That credit still has to be
repaid. The credit increases to $8,000 after 12/31/08 for purchases
up to 12/1/09 and does not have to be repaid.

And the part about having to be repaid if sold within three years
isn't entirely accurate either. With some exceptions, it has to be
repaid over 15 years beginning with the second year after the credit
is taken.

- quote -

"Note that qualifying taxpayers who purchased their homes during 2008
can get a maximum credit of $7,500 and will have to pay it back,
whereas taxpayers who buy a home on or after January 1, 2009 and
before December 1, 2009 could get a maximum credit of $8,000 and will
not have to pay it back."

--
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lunstax[at]bellsouth.net(HarlanLunsford) posted:

- quote -

I also had my doubts about that item. FWIW, I ran across a
clarification in another article, which I suspect may be what will
really happen (much like the real estate tax addition to standard
deduction for 2008):

- quote -

Bill

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Bill wrote:
- quote -

Naturally my concern was that even though I get a regular paycheck
during tax season, I get hardly any pay last half of the year! But I
think there will be accounting for the 400 at year's end and that will
end up as a credit on my 1040. Except for the fact that my 250$ SSA
"stimulus" payment will be subtracted from the 400. How about THAT,
sports friends?


- quote -

I thought about this on way home an hour ago. I just hope SSA doesn't
add it to existing benefits and include it in box 5 next year. If so,
some would end up paying tax on 85% of it.
- quote -

As usual, they got it wrong. "Deduct .... from your ...taxes...."!!!

ChEAr$,
Harlan Lunsford, EA n LA

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Amid the blizzard of news regarding President Obama's signature on the
new bill, which spends $789 Billion to "stimulate the economy" ...
there*has been very little detailed information released.

Yesterday, at my TaxAide site, virtually every TP whom we served was
asking for details about _how and when_ they might receive their
"stimulus payment." We could only suggest they watch for details in the
media.

Feeling some responsibility to acquire better information, I googled and
found a pretty good summary at the Kansas City Star site. Since I was
printing it out for myself, I thought other preparers might find it
useful:

************************************************** ****

Q: Will I get a tax rebate like last year?
A: No. Taxpayers won't receive checks this year. This plan involves a
payroll tax cut, where employers will withhold less in taxes, meaning
there will be a modest bump up in take-home pay until an income
threshold is met. The cap is $400 for single filers and $800 for joint
filers whose adjusted gross income falls below $75,000 and $150,000,
respectively.
*
Q: What if I'm self-employed?
A: You must adjust your quarterly tax filings to capture this credit.
*
Q: I don't earn a lot. How else does the stimulus plan help me?
A: The stimulus plan includes a temporary expansion of the earned-income
tax credit for families with three or more children, and it allows more
low-income families to receive a refundable child tax credit this year
and next. For recipients of food stamps, the dollar amount of this
assistance will increase by 14 percent.
*
Q: What about people who are disabled or living on their Social Security
checks?
A: The Social Security Administration will be sending a one-time $250
"economic recovery payment" within 120 days for people in this category.
Check the agency's Web site, or AARP's Web site, in the coming days for
more detail.
*
Q: I've lost my job. How does this help?
A: If you're eligible for unemployment benefits this year, you no longer
will have to pay federal taxes on the first $2,400 of these benefits.
The bill also extends unemployment benefits that would've phased out in
March through December, and it raises the average weekly benefit by $25
a week, to $325.
*
Q: I've lost my health insurance. Where do I get coverage for my family?
A: If you lose your job this year and choose to take Cobra coverage to
keep your family covered on health care, the government will now
subsidize up to 65 percent of the costs of your premium for nine months.
If you lost your job any time after Sept. 1 and elected not to receive
Cobra coverage but now want it, you can contact your former employer and
it should be available. Help on Cobra premiums will be available to any
worker laid off from Sept. 1, 2008, to Dec. 31, 2009.
*
Q: I need to buy a car. Does the stimulus plan help me?
A: It doesn't provide the steep tax credits some prominent economists
had advocated but will allow you to deduct from your federal taxes the
state sales tax that are associated with buying a car, truck, motorcycle
or recreational vehicle. This benefit phases out for single tax filers
who have adjusted gross incomes above $125,000 or joint filers above
$250,000.
*
Q: There'd been talk of a $15,000 tax credit for home purchases. Is this
in the stimulus?
A: No. The stimulus plan expanded an existing program for first-time
homebuyers, but didn't expand it to everyone. It raised by $500, to
$8,000, the tax credit for first-time buyers who purchase a home.
Before, this credit had to be repaid if a home was sold within three
years of purchase. That repayment no longer is required.
*
ON THE WEB
- Social Security's economic recovery one-time payments information
page: http://www.ssa.gov/payment/
______________________________________

Bill

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