Northeast Philadelphia Tax Preparation Services Newsletters - Summer 2011
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MORTGAGE ASSISTANCE PROGRAMS
DO NOT RESULT IN INCOME
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The IRS has provided guidance on the federal tax consequences for payments made to financially distressed homeowners under federal housing programs, including the Housing Finance Agency Innovative Fund for the Hardest-Hit Housing Markets and the Department of Housing and Urban Development's Emergency Homeowners' Loan Program (ELHP). The guidance clarifies that homeowners who receive or benefit from payments made under state programs
and federal programs may exclude the payments from gross income. They also may continue to deduct home expenses, including mortgage interest and property taxes.
Did you know… The nationwide average purchase price for residences in the United States is $220,000 for new and existing residences. The IRS compiles these figures for a mortgage bond program.
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In preparing
your small business tax return for your Northeast Philadelphia Small Business,
please do not hesitate in contacting your Northeast Philadelphia Tax
Accountants at 215-667-8839. We proudly
provide accounting and tax preparation to small businesses in Northeast
Philadelphia.
Source:
National Society of Tax Professionals
About Us:
Excellence
Accounting and Tax Services are your Northeast Philadelphia Tax Accountants
with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services
to Small Businesses in Northeast Philadelphia.
We also have other tax locations in Northern Liberties in Philadelphia.
If you have any question on what is deductible for
your Northeast Philadelphia Business, please do not hesitate in contacting your
Northeast Philadelphia Tax Accountants.
We proudly provide tax preparation and accounting to Northeast
Philadelphia. Please do not hesitate in
contacting us at 215-667-8839 or visit our website at www.excellencetaxservices.com
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