2008 First-Time Home Buyers

If you bought a home in 2008, you may qualify for up to $7500 in credits.  The 2008 credit received is an interest free loan from the government, and would be paid back in 15 equal payments starting on your 2010 Tax Return (only 1 payment a year-on your tax return).  Remember, if you sell or lose your house, the balance would be due at the filing of your next tax return.

2009-2010  First-Time Home Buyers

If you purchased your home in 2009, you may qualify for up to $8000 in credits.  Unlike the 2008 credit, this credit does not have to be repaid  (unless it ceases to be your main home before 3 years have passed).
Originally, this program was limited to homes purchased before 11/30/09.  It has been expanded to homes that have been purchased before 05/01/10, or homes under contract by 4/30/10, to be purchased before 06/30/10.

2009-2010 Long-Time Home Owners

If you purchased your home After 11/06/09, you may qualify for up to $6500 in credits.  Even though you are not a First-Time Home Buyer, as long as you lived in your previous home at least 5 consecutive years out of the last 8 years, you might get some benefit.   This credit is like the one in 2009, it is your to keep unless it ceases to be your main home before 3 years have passed.  What most people don’t realize, you do not have to sell your previous home.  Many people convert their older home to a rental, and upgrade to a new house.  That is OK.  Remember the dates: homes purchased after 11/06/09 – 04/30/10 or under contract during this time to be purchased before 06/30/10.

There are some conditions, check with your tax person to get the nitty-gritty.  If you are in the military, inquire about the extended time you have to purchase your home.

File Online:

1040 EZ or State – $19.00

1040 or 1040A - $35.00

Why pay twice as much for software that you have to install yourself?

1. Safe and Secure Online Filing
2. No Software or updates to install
3. You can file from your home or office
   

The Tax Hut can only provide fast refunds to clients who file at our physical location. But remember, an e-filed return done through our online system, can result in a direct deposited refund in as little as 7-10 days.

See how the Tax Hut Can Help You!

You may have heard that these loans are preying on the poor and ignorant. Many tax filers would take offense to this stereotyping. There can be a ton of reasons why they might opt for a RAL. The rent is due, and their landlord is charging $10 a day in late fees. They might even have an eviction pending. When a refund can take 35-40 days if mailed, that would amount to $350-400 in late rent penalties (besides being an additional month late on the rent). And a refund can take 7-21 days if e-filed with a direct deposit, that would amount to $70-210 in late rent penalties. When compared to RAL fees, which are under $100, it almost makes more sense to apply for this type of loan. This is just one of the many sensible reasons some of our clients opt for this method of refund payment.

Our policy is to try to persuade them not to use a RAL, but when a client does opt for a RAL loan, we let then know exactly what it will cost. We show them the expected refund amount, we break down the fees, and we then show how much their check will be written. We do not issue the RAL loans, we just provide them as an alternative to the direct deposit/paper check method most people are accustomed. All fees associated with the RAL go to the Bank contracted to issue the loan.
We also offer clients who opt for this method, the option to go next door to The Money Hut and cash their RAL checks free of charge (in fact even our clients who receive a paper check in the mail can bring it up to cash for free).

Fast Refund signs start popping up all over town with the onset of Tax Preparation Season. What is a Fast Refund? Some people think it is a way to receive their refund in a more rapid way than the normal time frame the IRS requires to process their return and issue a refund. These refunds are actually Refund Anticipation Loans (also known as RALS).

You may have heard that these loans are preying on the poor and ignorant. Many tax filers would take offense to this stereotyping. There can be a ton of reasons why they might opt for a RAL. The rent is due, and their landlord is charging $10 a day in late fees. They might even have an eviction pending. When a refund can take 35-40 days if mailed, that would amount to $350-400 in late rent penalties (besides being an additional month late on the rent). And a refund can take 7-21 days if e-filed with a direct deposit, that would amount to $70-210 in late rent penalties. When compared to RAL fees, which are under $100, it almost makes more sense to apply for this type of loan. This is just one of the many sensible reasons some of our clients opt for this method of refund payment.

Our policy is to try to persuade them not to use a RAL, but when a client does opt for a RAL loan, we let then know exactly what it will cost. We show them the expected refund amount, we break down the fees, and we then show how much their check will be written. We do not issue the RAL loans, we just provide them as an alternative to the direct deposit/paper check method most people are accustomed. All fees associated with the RAL go to the Bank contracted to issue the loan.

We also offer clients who opt for this method, the option to go next door to The Money Hut and cash their RAL checks free of charge (in fact even our clients who receive a paper check in the mail can bring it up to cash for free).