Do your research

By Michael Boshnack

I know this may be a little early for most of us, but the Obama administration recently put out a $8,000 tax credit for first time home buyers. I personally like the move and do not see it as something that will go away in the near future thus we might be able to use it in a few years when we are finally in the financial position to begin thinking about our first home purchases. A key component of this is that it is not a tax deductible $8,000, but rather a legitimate tax credit. This means that if you do in fact purchase your first home and excersise your right to use this, you will pay $8,000 less in taxes.

The key component to all this is not the fact that you have to remember this 5 years from now, but rather that there are a lot more financial incentives and tax incentives available to the American public that a large majority of Americans do not even know about. This class and these types of tax credits have made me realize how important it is to do a thorough analysis of what I can do to save the most money in the future. This includes all large purchases including health care, automobiles, homes and paying your taxes. Always keep checking the updates as you never know when changes will be implemented.

To read more on this subject click on the articles below

Tax Credit aims boost first time buyers

First time buyers get $8,000 tax credit in stimulus bill

New Tax credit for homeowners