Say goodbye to the April 15 tax deadline.

So many individual and small business tax filers struggle to meet the income tax deadline. You have the option of filing a tax extension today, and your tax return when you’re ready.  FileLater is an authorized, IRS e-file provider, and offers easy, online IRS income tax extensions for those who need more time to finish their income taxes. It takes about 5 minutes. You don’t need any complicated tax forms. You can get up to 6 more months to finish your taxes and the IRS doesn’t even ask why – it’s automatic! As long as your information is filled out and submitted properly and on time, the IRS will grant you the automatic extension. 15 million extensions are filed annually, and FileLater is the leader in providing both personal and business income tax extensions. Their application allows users to file multiple extensions for friends and family, or clients.

The IRS opens the e-file system from Jan 16 thru April 15, the deadline for income tax extensions.

The Biggest Housing Decline Since 1974

by Yahoo Finance
Thursday January 22, 2009, 2:21 pm EST
Article  “Jobless claims surge, housing starts tumble”

“…For the whole of 2008, housing starts plunged 33.3 percent, the biggest decline since 1974, while permits plummeted 36.2 percent, also the largest fall since 1974.

Analysts reckon that the economy might not emerge from its current slump unless the housing market, the source of the financial and economic turmoil, stabilizes.

The housing market crash has reduced household wealth, causing a sharp decline in consumer spending, which accounts for about two thirds of U.S. economic activity.

“These are awful numbers. The U.S. economy cannot emerge from recession unless home prices and sales stabilize and builders begin to break new ground,” said the Economic Outlook Group’s Baumohl.

U.S. mortgage applications dropped last week, as a jump in home loan rates sapped demand for refinancing, the Mortgage Bankers Association said on Thursday.

Average 30-year mortgage rates jumped 0.35 percentage point in the week ended January 16 to 5.24 percent, after touching the lowest level in the history of the trade group’s survey, which dates to 1990.

Separately, data from a U.S. housing regulator showed home prices accelerated their decline in November, falling 1.8 percent after dropping 1.1 percent in October.

The National Association of Home Builders said on Wednesday U.S. home builder sentiment sagged in January to its lowest since records started in 1985.”  Read more…

First-Time Home Buyer Tax Credit – 2008

HR3221 – Important Tax Credit Information

• The tax credit is available for first-time home buyers only. To be a First Time Home Buyer, you cannot have owned a home in the last three years.
• The maximum credit amount is $7,500.
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

Frequently Asked Questions

News Release by Fannie Mae

News Release by Fannie Mae
December 15, 2008
Statement by Brian Faith, Managing Director
Communications on National Tenant Policy
 

“Fannie Mae is finalizing a new policy that will allow tenants in Fannie Mae-owned foreclosed properties to stay in their homes if they can make their rental payments. For tenants who would prefer not to enter into a lease, we will continue to offer monetary support for the transition to a new residence as an alternative option.
Fannie Mae currently has a tenant eviction and foreclosure sale suspension in place through January 9, 2009. The new tenant policy will go into effect prior to the end of the suspension period. The goal of the suspension is to ensure that no renters are put out of their homes during this period. We have notified our attorney and broker networks to cease all eviction-related communications and proceedings during the suspension period. We estimate that 7,000-10,000 families have been able to stay in their homes as a result of the foreclosure and tenant eviction suspension.
We’ve been using the suspension period to fully implement the recently announced Streamlined Modification Program and to review and revise many of our policies and procedures. We’ve announced a new Trust agreement effective January 1, 2009 and new guidelines for servicers to enable earlier intervention with delinquent and at-risk borrowers. In conjunction with our regulator, FHFA, we will continue working to fully support the market and undertake efforts aimed at keeping people in their homes.”