First time home buys credit was extended until 4/30/2010 from July 1, 2009 if you are first time home buyer we need to talk about it because this is a good credit for you. If you have not bought yet you have until 4/30/2010 to buy but to get the credit you must be have a binding contract to buy prior to May 1st 2010 and the property closes prior to July 1, 2010. The is also a credit available for  long-time residents who might want to sell and buy a new home under the same time frame but they must have lived in that home they sold for any five-consecutive year period during the last eight years, ending on the date the new residence is purchased. The credit for this is 10 percent of the qualifying home’s purchase price up to a maximum credit of $6500. There are some income phase out so if you think you make qualify contact us. This is true in both cases. But both of these credits do have to be paid back as was the case with the new home buyer credit in 2008.
Earned income credit is still around but it has been increased to now cover up to three qualified children where in the past is was only for two children and the total income to qualify for the credit has increased also for single mothers or father the level is 43,281 before you do not qualify and for married couples the income level is 48,281 before you do not qualify. As you know the more you make the less you get but we still have the Child Tax Credit that is still $1,000 per child that is under 17 years of age and if your income is low enough you can possibly qualify to get some of that credit as a refund also.
Other good news is that the first $2400 of unemployment benefits will be excluded from income tax this year so if you received unemployed the first 2400 will not be taxed.