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The CP-21B and Other Forms You Need for the First Time Home Buyer’s Tax Credit

If you’re confused about the First Time Homebuyers’ Tax Credit, you’re not alone. Months after it was enacted, this tax credit is still causing taxpayers trouble. It’s not just the long delays—not just the constantly changing rules—not just the extra work on top of the already complex process of buying a new home. No, the big problem with the first time home buyer’s credit is all the new forms you have to deal with.

Here’s a quick list of the more common ones: where you get them, what you do with them, and what to watch out for.

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The New Car Tax Deduction is a Great Deal for Car Buyers

Planning on buying a new car? Now might be the best time. The American Reinvestment and Recovery Act, commonly known as the Federal Stimulus Bill, provides some enticing incentives for purchasers of new cars and several other types of motor vehicles. The incentive is in the form of a tax deduction on your 2009 tax return. The initial form of the legislation provided for a tax credit, but the final legislation that was passed made it into a tax deduction. Depending on your income level and the vehicle you are planning to buy, this benefit could yield a fair chunk of change in your pocket.
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2008 E-File and Tax Extension Deadline

October 15th marks the IRS tax deadline for E-filing tax returns. The trend for E-filing tax returns has swept the US due to the convenience of not having to file paperwork and receiving your tax refund faster. You will still be able to mail in your 2008 tax return after the October 15th E-File deadline, but your return will be considered late.

The tax extension deadline means that any individual taxpayer who has filed an extension for the tax year 2008 must have their returns completed and postmarked on its way to the IRS by 11:59PM on October 15, 2009 in order to avoid penalties. If you owe for the tax year 2008 and you miss this deadline, penalties will be added to the amount that you owe, and interest will continue to accrue. If you do not have the transcripts or documents needed from your employers or past years, it would be wise to Retrieve Missing Forms right away and get the ball rolling on your taxes before the tax extension deadline.

A deadline of October 15th means that the beginning of October will be filled with taxpayers attempting to have their returns completed and filed with the IRS before the tax extension deadline. It would be in your best interest to file as soon as possible so that you do not miss this deadline.

E-File my 2008 Return Now!