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If you had any doubt that taxes need to be thought about year-round, then consider what will happen tomorrow.
On the federal level, the first-time homebuyer tax credit will come to an end Thursday, Sept. 30. That's the day that folks who had a contract in place by April 30 on a qualifying home must actually close on the purchase in order to claim the tax break on their 2010 tax returns.
Meeting the Sept. 30 deadline will mean tax savings of $8,000 for those deemed first-time buyers by the IRS and $6,500 for folks who've owned a residence and are moving to a new one.
Sept. 30 also is an important tax day in Florida, Nevada, New Mexico and Washington, D.C. These three states and the District of Columbia have been offering residents tax amnesty deals on unpaid tax bills.
While the tax collectors want what is owed, they are offering some relief when it comes to associated penalty and interest charges. But take note tax delinquents, the offers expire tomorrow.
After you note tomorrow's many tax ramifications on your calendar, keep it handy. More tax events are coming up, from tax holidays to year-end tax moves you should make by Dec. 31. I'll let you know details as those deadlines near.
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