The initial expiration of the first time home buyer tax credit was November 30th, 2009 and many first time home buyers rushed out to buy a home in September and October. If you purchased a home last year you should give us a call today (808) 591-8006.
Also, the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence has been extended. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult with one of our qualified tax advisor or legal professional about your unique situation by calling (808) 591-8006.
Are you selfemployed? Filing your business taxes in Hawaii this year? ...then you should know a few things about Hawaii's Form Schedule C and/EZ tax filing.
When you own an unincorporated small business by yourself, the IRS considers you a sole proprietor. This means you have some extra tax-filing work to do.
We can help! Call us at 808.591.8006
Your business earnings (or losses) are included as part of your individual income tax filing. To determine just how much to report on your 1040 (and you must use the long form), you itemize your operational income and expenses on either Schedule C or Schedule C-EZ.
Taxes are one of the most important issues facing small and growing businesses. And like a company's profits, its annual tax bill will in part reflect the owner's skills and knowledge. Business owners need to be sure that they are meeting all of their responsibilities to the tax man -- and also seizing
1. Writing It Off: Deductions
Businesses can deduct all "ordinary and necessary" business expenses from their revenues to reduce their taxable income. Some deductions are obvious — expenditures in such areas as business travel, equipment, salaries, or rent. But the rules governing write-offs aren't always simple. Don't overlook these potential deductions:
* Business losses. Business losses can be deducted against a business owner's personal income to reduce taxes. If a business owner's losses exceed personal income for the year, some of the year's business losses can be used to reduce taxable income in future years. * Trips that combine business and pleasure. If more than half of a business trip is devoted to business, deduct the traveling costs, as well as other business-related expenses.
2. Employee Taxes If a business has employees, a variety of taxes will have to be withheld from their salaries. Among them are:
* Withholding. Social Security (FICA), Medicare and federal and state income taxes must be withheld from employees' pay. * Employer matching. Businesses must match the FICA and Medicare taxes and pay them along with employees. * Unemployment tax. Businesses must pay federal and state unemployment taxes.
If you're self employed and wondering when to file your taxes in Hawaii in 2010 here are a few important dates to keep on file:
January 15, 2010
4th Quarter 2009 Estimated Tax Payment Due If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2010.
April 15, 2010
Individual Tax Returns Due for Tax Year 2009 If you haven't applied for an extension, e-file or postmark your individual tax returns by midnight April 15, 2010.
Individual Tax Return Extension Form Due for Tax Year 2009 Need more time to prepare your tax return? File your request for an extension by April 15 to push your deadline back to October 15, 2010.
1st Quarter 2010 Estimated Tax Payment Due If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by April 15, 2010.
Last Day to make a 2009 IRA Contribution If you haven't already funded your retirement account for 2009, do so by April 15, 2010. That's the deadline for a contribution to a traditional IRA, deductible or not, and a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 15, 2010, you can wait until then to put 2009 money into those accounts.
June 15, 2010
2nd Quarter 2010 Estimated Tax Payment Due If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by June 15, 2010.
time home buyers rushed out to buy a home in September and October. If you purchased a home last year you should give us a call today (808) 591-8006. 
Taxes are one of the most important issues facing small and growing businesses. And like a company's profits, its annual tax bill will in part reflect the owner's skills and knowledge. Business owners need to be sure that they are meeting all of their responsibilities to the tax man -- and also seizing
postmarked by January 15, 2010.
