Laurie Randazzo

If your looking for the lastest update on the 1st time buyer tax credit, you can download this chart. $8,000 Tax Credit

Need a tax advisor referral? Email us at team@wesellwinchester.com

Flicker photo by gothick_matt's

Are all moving expenses allowable tax deductions?

The IRS does allow tax deductions for some of the costs associated with a move to accommodate a job in a new location. However there are two tests which must be met in order to qualify for deductions.

Test 1 - Distance Test
To qualify for a deduction, your new principal workplace must meet a 50 mile test. The distance between the old home and old work minus the distance between the old home and the new work must be greater than 50 miles.

Test 2 - Time Test
A person must work full time in the general area of the new workplace for at least 39 weeks during the 12 months right after the move. Other exceptions and rules apply for those that are self-employed.

ALWAYS check with your tax advisor or the IRS website, Publication 521, and Form 3903 for more details.

Need a tax advisor referral? Email us at team@wesellwinchester.com

Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress. Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers. "It is time to fix housing first," said Sen. Johnny Isakson, R-G. Isakson's office said the proposal would cost the government an estimated $19 billion. In all, the stimulus is now topping an estimated $920 billion. In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill. "This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."

Source: The Associated Press, David Espo (02/05/09) Contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill.

You can go to the official Senate (www.senate.gov) and House (www.house.gov) web sites to locate the email and phone number of your legislators.

Every Christmas holiday I put away my regular dishes and unpack the Christmas china. My "stuff shells" taste much better on a Christmas plate.

I've been pondering the idea of moving...again (my sister calls me Moving Molly). SO, this year rather than stacking the china back into a plastic keeper, I decided to pack the dishes into a real "dish packing" box with actual "packing paper".

I pointed my browser to www.benezeraboxes.com and filled out the online order form. The web site was informative and the order form was easy to follow. I clicked "send" and it was done.

Let me tell you, I was amazed by the response time. IMMEDIATE. I received a call from Adam on my cell. He thanked me for the order and asked me if he could deliver the boxes that evening. I replied, "That's excellent"! Being in the customer service business, I really appreciate when a company understands the difference between customer service and customer satisfaction. Benezra Boxes exceeded my expectations.

Seriously folks, this company is fantastic. Great concept: "A box is a terrible thing to Waste...Reduce, Reuse, Recycle". I ordered the "Get me started" pack. Not only did I get great quality reused boxes, I got a large black marker and a DVD titled, "How to pack for your move". Oh yes, and a very cool magnet!

I highly recommend Benezra Boxes. You can order New & Used moving boxes and supplies and they also offer packing and unpacking services! Experience it for yourself. Save money, save a tree and better yet no stress!

Thank you Adam.
All my best,

Laurie Randazzo
REALTOR

RE/MAX Leading Edge

781-729-6200

Getting your taxes organized for your 2008 return? I found this information on the IRS website- thought I would pass it on (r.e.: 2009)

The IRA recently issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2009, the standard mileage rates are:
55 cents per mile for business miles driven
24 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

Check out the IRS website for more details. www.irs.gov