Question #1: My husband and I are purchasing a new home. We already own another property, so will we be eligible for the new $6,500 credit if we close before the end of the year?
Yes. The Homeownership and Business Assistance Act of 2009 was signed into law on November 6th, 2009, and became effective immediately. As long as you and your husband have been living in your principal residence for five years you should qualify for the credit. However, keep in mind that the credit does begin to phase out for couples making $245,000 or more per year.
Question #2: My business had a really profitable month. Do you have any ideas on last minute expenses to help lower my taxable income?