Ask Andy: Tax credits - WMC Action News 5 - Memphis, Tennessee

Ask Andy: Tax credits

By Andy Wise - bio | email | Twitter | Facebook

MEMPHIS (WMC TV) - The credits are big, but their deadlines are short.

The IRS is alerting eligible taxpayers to several tax credits for the upcoming 2009 filing.  Some of them will extend into 2010 returns.  Here's the IRS's rundown of the credits:

http://www.irs.gov/newsroom/article/0,,id=204335,00.html?portlet=6

The crown jewel is the first-time home-buyer's tax credit:  up to $8,000 for folks either buying a home for the first time or closing on a home after not owning one in the last three years.  Married couples earning less than $150,000 may qualify for the credit if they close on their homes before Dec. 1.

"So if you are on the fence right now, debating about whether or not to buy a home, the clock really is ticking in terms of whether or not you're going to qualify for this $8,000," said Terry Lemons, IRS communications director.

Lemons said 1.4 million people have claimed the home-buyer credit so far, including more than 36,000 in Tennessee and 14,000 in Arkansas.  

The credits also include a sales or excise tax deduction on new cars purchased in 2009 and a maximum $2,500 credit for college tuition and books. 

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