Monday, July 19, 2010

Questions for the Tax Lady: July 19th, 2010

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: I saw in the news that the homebuyers credit was extended. What is the new cutoff to qualify for the credit?

The deadline for closing on home purchases has been extended from June 30 to Sept. 30, 2010. This means that in order to qualify for the credit, the purchase of your home must be completed before September 30th, 2010. However, as the buyer, you are still required to have entered need to enter into a binding contract by April 30, 2010.

Question #2: Will I have to pay a tanning tax on lotions and supplies I purchase at my local tanning salon?

No. According to the IRS the tax does not apply to spray tans or topical creams and lotions. It is only levied on the actual indoor tanning service.

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